India's Electronic Export Boom: A Sixfold Surge in a Decade

Union Minister Ashwini Vaishnaw announced a sixfold increase in India's electronic exports over the past decade. The growth is attributed to a 20% export CAGR and boosted manufacturing ecosystem. A new scheme will support diverse sectors through the production of both active and passive electronic components.

During a press conference held in the national capital on Sunday, Union Minister Ashwini Vaishnaw highlighted a remarkable sixfold surge in India's electronic exports over the last decade. Vaishnaw noted a production CAGR exceeding 17%, while exports expanded with a CAGR of over 20%. The burgeoning ecosystem now boasts more than 400 manufacturing units producing a wide range of components, signifying a transition to component manufacturing as the third phase of growth.

Minister Vaishnaw also unveiled a forthcoming horizontal scheme designed to bolster electronic components across various sectors, including consumer, medical, power electronics, automobiles, and electrical grids. He outlined the active and passive component categories, revealing that active components will benefit from the Indian Semiconductor Mission support, while passive components will be under the Electronics Components Manufacturing Scheme.

The previous fiscal year saw smartphone exports reach a new high of Rs 2 lakh crores, significantly contributing to India's export landscape with a 54% growth over the prior fiscal year. The iPhone alone accounted for Rs 1.5 lakh crores. With electronics manufacturing and exports multiplying five to six times, the government plans to issue a notification for the Electronics Component Manufacturing Scheme, supported by a Rs 22,919 crore Production Linked Incentive scheme. This initiative aligns with India's vision of Atmanirbhar Bharat in the electronics sector and promises a wide-ranging impact across industries.

(With inputs from agencies.)