According to a report by Invest India, India’s electronic manufacturing market is likely to reach around $250 billion in the next five years. At present, the electronic exports of the country stand at $125 to $130 billion.
The report noted that in the next five years, the government intends to double the number of jobs in the sector. Technology transitions such as the rollout of 5G networks and internet of things (IoT) 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.
The report highlighted that at present, India’s domestic production has grown at a compounded annual growth rate (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.
As per the report, mobile phone production surged from Rs 18.9 billion in FY14 to an estimated Rs 4.10 trillion in FY24, registering an increase of 2,000 per cent, according to the top electronics industry body India Cellular and Electronics Association (ICEA).
