Summary:

According to Meity Additional Secretary Bhuvnesh Kumar, electronics have become India's fifth largest export, with an annual growth rate of 23%. Electronics production in India surpassed $100 billion in March 2024, up from $49 billion in 2017. At the launch of Netweb Technologies' Tyronne AMD servers, Kumar highlighted that India's electronics exports reached $30 billion last year, underscoring the sector's rapid development and significant economic contribution.

Mr. Kumar believes that India's electronic export revenue will soon become positive, thanks to domestic semiconductor manufacturing. India's trillion-dollar digital economy includes $400 billion from electronics, with mobile phones accounting for 43%, consumer electronics at 12%, automotive at 8%, critical industries at 5%, and IT hardware at 4%. He also announced the second iteration of the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), which emphasizes the considerable growth potential in IT hardware production.

Source: IBEF

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.