HIGHLIGHTS:
- A five-year road map for the electronics sector was just announced by the Ministry of Electronics and Information Technology.
- A vision document titled “300 billion USD Sustainable Electronics Manufacturing and Exports by 2026” was also produced by the ministry.
- The second piece is about attracting new clients and expanding into new markets.
What is in the News?
A five-year road map for the electronics sector was just announced by the Ministry of Electronics and Information Technology. A vision document titled “300 billion USD Sustainable Electronics Manufacturing and Exports by 2026” was also produced by the ministry.
Concerning the vision document
The following is the second section of the document. In November 2021, the first instalment was released. It was titled “Increasing India’s Electronics Exports and Market Share in Global Value Chains.”
What is the content of the second vision document?
- This vision document forecasts the items that would turn India’s manufacturing sector into a $300 billion dollar industry. Manufacturing has a current trade value of $75 billion dollars.
- The product includes a list of products that are expected to drive the expansion of the electronics manufacturing industry. Consumer electronics, IT hardware, mobile phones, vehicle electronics, telecom equipment, wearable electronic accessories, LED lighting, and industrial electronics are among them.
- According to the study, the mobile industry will account for 40% of the sector’s growth.
- The ministry wants to boost the sector’s annual output to 100 billion dollars. The current production is at 30 billion dollars.
Mission of the second document
The second piece is about attracting new clients and expanding into new markets. In the Global Value Chain, the electronics manufacturing industry will play a significant role.
Growth and diversification of global value chains, as well as the growth of digital consumption, will drive growth in electronics manufacturing.
The vision document’s importance
In the following five years, the country’s domestic electronics market is expected to grow to 180 billion dollars. It is currently valued at USD 65 billion. By 2026, the electronics manufacturing industry is expected to rank second or third in terms of exports.
Electronics exports are currently worth 15 billion dollars. Exports alone are predicted to grow to 120 billion dollars by 2026, out of a total of 300 billion dollars.
