As per Minister of Electronics and Information Technology (MeitY), electronic chips worth Rs 1.1 trillion were consumed in India in 2020. India currently does not have an electronic chip manufacturing facility. Therefore, the entire domestic demand was met through imports. However, in order to make India self-reliant, the government has recently approved Rs 760 billion.
According to MeitY, owing to the initiatives of the government and efforts of the industry, the domestic production of electronic goods increased from Rs 2.43 trillion ($37 billion) in 2015-16 to Rs 5.54 trillion ($74.7 billion) in 2020-21, witnessing a compound annual growth rate (CAGR) of 17.9 per cent.
Meanwhile, MeitY also noted that import of electronic goods increased from Rs 657.79 billion in 2018-19 to Rs 871.69 billion in 2019-20 but reduced to Rs 826.45 billion in 2020-21.
Moreover, the government has also approved modernisation of Semiconductor Laboratory, Mohali as a brownfield Fab.