Summary:

India is to invest $5 billion in incentives to stimulate domestic electronics production, with a focus on smartphone and laptop components. The effort aims to lessen dependency on Chinese imports while strengthening domestic supply networks. India's electronics manufacturing hit US$ 115 billion in FY24, boosted by global companies such as Apple and Samsung. However, more than half of its US$ 89.8 billion electronics imports in FY23 came from China and Hong Kong.

India's Ministry of Electronics and Information Technology is creating incentives for producing vital components such as printed circuit boards. This effort seeks to boost local supply networks while increasing domestic value addition. The initiative, which is now awaiting Ministry of Finance clearance, will be introduced within the next several months. With a goal of $500 billion in electronics output by FY30, India hopes to eliminate import reliance and become a worldwide manufacturing powerhouse.

Source: IBEF

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