Industry body India Cellular and Electronics Association (ICEA) said on Tuesday it would seek a meeting with the Finance Minister. Nirmala Sitharaman and other senior government officials to come up with a strategy for the industry to meet the $500 billion vision outlined for electronics manufacturing by 2030. ICEA is interested in such a meeting with the government “soon,” possibly this month.
The association said the industry is currently at a level of $115 billion and growth rates in the coming years have to be in the range of more than 20 percent CAGR to achieve the vision of $500 billion for electronics manufacturing by 2030.
“It’s like… being on a treadmill, so you would have to move faster,” Pankaj Mohindroo, president of the Indian Cellular and Electronics Association (ICEA), told reporters.
Among the key aspects, the industry is expected to discuss in depth the approach to enhance India’s capabilities in electronics manufacturing and boost New Delhi’s participation in global value chains (GVCs). GVCs are key to modern manufacturing as they involve global collaboration in activities such as design, production, marketing and distribution.
“We are very keen to make a presentation to the Finance Minister and the Prime Minister’s Office on the elements that are essential for the industry to achieve the outlined vision of $500 billion by 2030,” Mohindroo said. The success of the GVC model is absolutely critical, Mohindroo said, adding that the industry looks forward to exchanging ideas on how to fundamentally increase participation in GVCs.
ICEA is expected to discuss tariff rationalisation, business facilitation and facilitative reforms. It is worth mentioning here that while addressing the inaugural session of the ‘Semicon India 2024’ event last week, Prime Minister Narendra Modi He made a clear call to the industry to grow the country’s electronics sector to $500 billion and create 6 million jobs by the end of this decade.
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