Summary:

The Economic Survey 2023-24, released by Ms. Nirmala Sitharaman, forecasts significant growth in India's electronics sector. Domestic output increased to US$ 98.28 billion, while exports rose to US$ 22.72 billion in FY23. Apple produced iPhones worth $14 billion in India during FY24, accounting for 14% of its global output. The share of electronics in India's goods exports grew to 6.7% in FY24, up from 2.7% in FY19, while shipments to the United States shifted from a deficit to a surplus of $8.7 billion.

The report highlights a major change in global production dynamics, with multinational corporations like Apple diversifying to mitigate risks associated with China. India's large domestic market is attracting significant investment in electronics. The sector has expanded notably, with domestic value addition in mobile phone manufacturing rising from 8.7% in FY17-19 to 22% in FY20-22. Employment and wages in mobile manufacturing have also increased. Government initiatives, such as the PLI and EMC 2.0 programs, contributed to a 16.19% CAGR in output and a 35.7% increase in exports between FY18 and FY23. India's global electronics export share grew from 0.63% in 2018 to 0.88% in 2022.

Source: IBEF

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