UP set to receive over Rs 26k cr to boost electronics sector
Uttar Pradesh is on track to become an electronics hub as more than Rs 26,000 crore investment is expected in…
The government today released a five-year roadmap and vision document for the electronics sector, which says that the domestic electronics market is expected to increase from $ 65 billion to $ 180 billion over the next five years.
This will make electronics amongst India’s 2-3 top ranking exports by 2026. The electronics exports are expected to increase from the projected $ 15 billion in 2021-22 to $ 120 billion by 2026, says the vision document.
The document provides a year-wise break-up and production projections for the various products that will lead India’s transformation into a $ 300 billion electronics manufacturing powerhouse, from the current $ 75 billion.
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Amongst the key products that are expected to lead India’s growth in electronics manufacturing include Mobile Phones, IT Hardware (laptops, tablets), Consumer electronics (TV and audio), Industrial electronics, Auto electronics, Electronic components, LED Lighting, strategic electronics, PCBA, Wearables and Hearables, and Telecom equipment. Mobile manufacturing that is expected to cross $ 100 billion annual production – up from the current $ 30 billion – is expected to constitute nearly 40 per cent of this ambitious growth.
Union Minister of Electronics & Information Technology Ashwini Vaishnaw congratulated and lauded the entire team of his ministry for bringing out the documents and policy framework items at a remarkable speed.
During the event, Vaishnaw also addressed some points raised by industry leaders during the recent interaction with him. Dispelling the industry’s apprehensions over the issue of dual regulations in mobile manufacturing, he clarified that the telecom department was not going to enter into mobile manufacturing and the mobile manufacturing regulatory regime would remain the same.
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