The government is on track to meet its goal of $300 billion in electronics manufacturing, which will represent a staggering 20–25 times growth in less than ten years.
According to the Vision Document 2.0 created by the IT Ministry and the India Cellular and Electronics Association (ICEA), India can produce and export electronics worth $300 billion by 2025–2026 if certain product segments with a high potential for scale are identified and catered to through incentives and policy measures.
India’s electronics industry saw record exports of electronic goods, estimated at Rs 1,85,000 crore in FY22-23 (compared to Rs 1,16,936 crore in FY21-22), representing a staggering 58 per cent gain. This growth was driven primarily by domestically produced mobile phones. By 2020–2021, the electronics manufacturing sector will have increased from $37.1 billion in 2015–16 to $67.3 billion. However, the interruptions brought on by COVID-19 affected the economic trajectory in 2020–21 and caused the manufacturing output to fall to $67.3 billion.
Additionally, if the trend of import substitution is maintained, it is predicted that over the next 4-5 years, India’s local electronics market will grow from its present $65 billion to at least $150- 180 billion.
One of the top competitors for alternative solutions for multinational electronics corporations is India. Within the next three to five years, India&’s electronics industry has the potential to rank among the country’s top exports. Exports of electronics could make a sizable contribution to the Indian economy in terms of profits in foreign currency and the creation of jobs.