NITI Aayog in its latest report titled ‘Electronics: Powering India’s Participation in Global Value Chains’, has said that India should aim $500 billion in electronics manufacturing by 2030. It added that such growth would create employment for about 6 million people. It stated this ambitious target comprises $350 billion from finished goods manufacturing and $150 billion from components manufacturing. As of FY23, India’s electronics production stands at $101 billion. This comprises $86 billion in finished goods production and $15 billion in components manufacturing.
According to the report, India’s electronics exports are expected to reach $240 billion and domestic value addition to increase to over 35 per cent. It mentioned ‘India’s ambition to become the third-largest global economy necessitates a more ambitious vision for its technology-driven sectors. With a conducive business environment and robust policy support, including fiscal incentives and non-fiscal interventions, India should aim to achieve $500 billion in electronics manufacturing by value terms by FY30.’
Besides, in a business as usual (BAU) scenario, the report noted that the projections indicate India’s electronics manufacturing could escalate to $278 billion by FY30. This includes $253 billion from finished goods and $25 billion from components manufacturing. Employment generation is expected to grow substantially to around 3.4 million, with exports reaching $111 billion.
