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India's electronic manufacturing likely to reach around $250 bn in next 5 yrs: Report

16 Jun, 2024 12:00 IST|Sakshi Post

New Delhi, June 16 (IANS) India's electronic manufacturing is likely to reach around $250 billion in the next five years, according to media reports.

At present, the electronic exports of the country stand at $125 to $130 billion.

The government also plans to address the issue of unemployment by creating jobs in the electronic manufacturing sector. Presently, 25 lakh people are employed in this sector.

In the next five years, the government intends to double the number of jobs in the sector, according to media reports.

As per Invest India, technology transitions such as the rollout of 5G networks and IoT (Internet of Things) are driving the accelerated adoption of electronics products.

"Initiatives such as ‘Digital India’ and ‘Smart City’ projects have raised the demand for IoT in the electronics devices market and will undoubtedly usher in a new era for electronic products," it mentioned.

At present, India’s domestic production has grown at a CAGR of 13 per cent from $49 billion in FY17 to $101 billion in FY23.

During April 2024, electronic goods exports were recorded at $2.65 billion as compared to $2.10 billion during April 2023, registering a growth of 25.80 per cent, according to the Invest India data.

Mobile phone production surged from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, registering an increase of 2,000 per cent, as per top electronics industry body India Cellular and Electronics Association (ICEA).

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.

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