Electronics 5th largest export commodity; growing 23% annually: Meity | News
Electronics has become the country’s fifth largest export commodity, growing by 23 per cent annually, a senior official in the Ministry of Electronics and IT said on Friday.
Electronics manufacturing in India has crossed USD 100 billion market in March 2024, which was USD 49 billion in 2017, Bhuvnesh Kumar, Additional Secretary in the Ministry of Electronics and IT, said at the launch of indigenously-built Tyronne AMD servers by Netweb Technologies.
“The electronics exports are rapidly growing at rate of 23 per cent annually. Last year we did USD 30 billion of exports from India.
“Surprisingly for many, it has become 5th largest commodity being exported from India,” Kumar said.
He also expressed confidence that the country’s net revenue from electronic exports will become positive in coming years with start of local semiconductor production.
Kumar said the country’s trillion dollar digital economy has a component of USD 400 billion from electronics manufacturing and the rest comes from IT related economy.
“43 per cent of total contribution comes from mobile phones, 12 per cent comes from consumer electronics and 8 per cent comes from automotive, 5 per cent comes from strategic sector and 4 per cent from IT hardware. I am sure that IT hardware manufacturing is poised to grow leaps and bounds. Very soon it will cross others,” he said.
Kumar said that the government is going to launch the second version of Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) under production linked incentive scheme.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 30 2024 | 11:22 PM IST
