INDIAN ELECTRONIC INDUSTRY AT A GLANCE IN 2022 - 2023
The Indian electronics system design and manufacturing (ESDM) sector is one of the fastest growing sectors in the economy. The Electronics System Design & Manufacturing (ESDM) sector in India plays a vital role in the government’s goal of generating US$ 1 trillion of economic value from the digital economy by 2025. Recently India is witnessing increased production related to mobile phones and consumer Electronics. Indian Electronics Industry is committed to reach US$ 300 billion worth of electronics manufacturing and exports by 2025-26.
India is the Second-largest manufacturer of mobile phones in the world and will be the fifth- largest consumers of electronic products by 2025.
Electronics Market TrendIndia is one of the largest consumer electronics markets in Asia Pacific Region and is home to considerable talent for electronic chip design and embedded software. Major Government initiatives such as ‘Digital India’, ‘Make in India’ have supported the growth of the Indian Electronics Industry.
In FY23, the exports of electronic goods were recorded at US$ 23.57 billion as compared to US$ 15.66 billion during FY22, registering a growth of 50.52%.
Industry InvestmentsUnion Budget 2023-24 has allocated Rs. 16,549 crore (US$ 2 billion) for the Ministry of Electronics and Information Technology, which is nearly 40% higher on year.
The cumulative FDI equity inflow in the Electronics Industry is US$ 3.75 billion during the period April 2000-December 2022.
Future of Electronics IndustryThe Government of India aims to make Electronics Goods amongst India’s 2-3 top ranking exports by 2026. The Electronics sector in India has bright prospects ahead of it and is predicted to reach US$ 220 billion by 2025, expanding at 16.1% CAGR between 2019-2025.
