Summary:

A NITI Aayog study states that India aims to invest $500 billion in domestic electronics manufacturing by 2030. Tariff rationalization and skill development are recommended to facilitate this expansion, which could create 6 million jobs. The report highlights the importance of global value chains (GVCs), which account for 70% of global trade. Enhanced participation in GVCs is crucial, as they account for 75% of electronics exports.

India’s electronics sector grew to $155 billion in FY23, with manufacturing nearly doubling from $48 billion in FY17 to $101 billion in FY23, driven by mobile phones. India now produces 99% of its cellphones domestically. The report suggests increasing component and capital goods manufacturing, boosting research, and improving infrastructure. Despite progress through initiatives like Make in India, India’s market, which holds 4% of global production, remains assembly-focused. By 2029-30, it is expected to reach $278 billion, generating 3.4 million jobs and $111 billion in exports.

Source: IBEF 

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