June 16th 2024.
In a recent report, it has been predicted that India's electronic manufacturing industry is expected to see a significant growth, reaching a whopping $250 billion in the next five years. This news has been making waves in the media, sparking excitement and anticipation among industry experts and the general public alike. Currently, India's electronic exports stand at an impressive $125 to $130 billion.
The government is also taking proactive measures to address the issue of unemployment by creating more jobs in the electronic manufacturing sector. As of now, the sector employs around 25 lakh people, and the government aims to double this number in the next five years. This move is expected to provide a much-needed boost to the country's economy and contribute to the overall growth and development of the nation.
According to Invest India, the increasing demand for electronics products is largely driven by technological advancements, such as the rollout of 5G networks and the Internet of Things (IoT). These developments have led to a surge in the adoption of electronic devices, and this trend is expected to continue in the coming years. The government's initiatives, such as 'Digital India' and 'Smart City' projects, have further contributed to the rising demand for IoT in the electronics market, and this is certainly a positive sign for the industry.
In the last few years, India's domestic production of electronic goods has witnessed a steady growth, with a Compound Annual Growth Rate (CAGR) of 13%. This has led to an increase in domestic production from $49 billion in FY17 to an impressive $101 billion in FY23. According to data from Invest India, the country's electronic goods exports have also shown a significant growth, recording a 25.80% increase from April 2023 to April 2024, with exports worth $2.65 billion.
One of the major contributors to India's electronic manufacturing industry is the production of mobile phones. In just a span of five years, the production of mobile phones has seen an incredible surge, from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, marking a staggering 2,000% increase. This remarkable growth has been acknowledged by the top electronics industry body, India Cellular and Electronics Association.
In conclusion, India's electronic manufacturing industry is on a rapid growth trajectory, and the future looks bright and promising. With the government's focused efforts towards job creation and the increasing demand for electronic products, we can expect to witness a significant boost in the industry in the coming years. This will not only contribute to the country's economy but also position India as a global leader in the electronic manufacturing sector.
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