Electronics have become the country’s fifth-largest export item, growing at a 23 percent annual rate, a senior official at the Ministry of Electronics and IT said on Friday.
Electronics manufacturing in India has crossed the $100 billion market by March 2024 from $49 billion in 2017, said Bhuvnesh Kumar, Additional Secretary, Ministry of Electronics and IT, at the launch of locally manufactured Tyronne AMD servers by Netweb Technologies.
“Electronics exports are growing rapidly at a rate of 23 percent annually. Last year we exported $30 billion from India.
“To the surprise of many, it has become the fifth most exported product from India,” Kumar said.
He also expressed confidence that the country’s net revenue from electronic exports will be positive in the coming years with the start of local semiconductor production.
Kumar said the country’s trillion-dollar digital economy has a $400 billion component coming from electronics manufacturing and the rest comes from the information technology-related economy.
“43 per cent of the total contribution comes from mobile phones, 12 per cent from consumer electronics, 8 per cent from automotive, 5 per cent from strategic sector and 4 per cent from computer hardware. I am confident that computer hardware manufacturing is poised to grow by leaps and bounds. It will soon overtake others,” he said.
Kumar said the government is going to launch the second version of Scheme for Promotion of Manufacturing of Electronics Components and Semiconductors (SPECS) under the production-linked incentive scheme.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 30, 2024 | 11:22 PM IS
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