Electronics manufacturing in India likely to reach around $250 billion in next 5 years: report

New Delhi, June 16 (IANS): According to media reports, the value of Indian electronics manufacturing is likely to reach around $250 billion in the next five years.

Currently, the country’s electronic exports amount to $125-130 billion.

The government also plans to solve the unemployment problem by creating jobs in the electronics manufacturing sector. Currently, 25,000 people are employed in this industry. people.

Media reports indicate that the government intends to double the number of jobs in the industry over the next five years.

According to Invest India, technological changes such as the rollout of 5G networks and IoT (Internet of Things) are resulting in accelerated adoption of electronic products.

“Initiatives like the Digital India and Smart City projects have increased the demand for IoT in the electronics market and are undoubtedly ushering in a new era of electronic products,” it mentioned.

Currently, India’s domestic production has grown at a CAGR of 13 percent, from $49 billion in FY17 to $101 billion in FY23.

According to Invest India data, electronic goods exports stood at $2.65 billion in April 2024 compared to $2.10 billion in April 2023, an increase of 25.80%.

Mobile phone production has increased from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, registering a growth of 2,000 per cent, according to apex electronics industry body India Cellular and Electronics Association (ICEA).