Electronics has emerged as India's fifth largest export commodity, with a robust annual growth rate of 23%, a senior official from the Ministry of Electronics and IT revealed on Friday.
Bhuvnesh Kumar, Additional Secretary in the Ministry, announced that electronics manufacturing in India surpassed the USD 100 billion mark in March 2024, up from USD 49 billion in 2017. This growth highlights a significant expansion in the sector.
At the launch of Netweb Technologies' indigenously-built Tyronne AMD servers, Kumar noted that electronics exports reached USD 30 billion last year and are now growing rapidly. “Electronics has surprisingly become the fifth largest export commodity from India,” he said.
Kumar expressed optimism that India's net revenue from electronics exports will improve further with the initiation of local semiconductor production. He also detailed that the country’s trillion-dollar digital economy includes USD 400 billion from electronics manufacturing, with the remainder from IT-related sectors.
He broke down the contributions of various segments: mobile phones account for 43%, consumer electronics 12%, automotive 8%, strategic sectors 5%, and IT hardware 4%. Kumar predicted substantial growth in IT hardware manufacturing in the near future.
The government is set to launch the second version of the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) under the production-linked incentive scheme to bolster the sector further.
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