India To Manufacture $300 Billion Electronics Goods By 2026, Says Rajeev Chandrasekhar
As per the market estimates, with per capita disposable income and private consumption having doubled between FY12 and FY21, India has emerged as one of the largest markets for electronic products in the world
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Union Minister Rajeev Chandrasekhar said that Prime Minister Narendra Modi has laid out a vision that India would play a significant role in the global electronics supply chain and manufacture $300 billion electronics goods by 2026, according to a PTI report.
"PM has laid out a very clear vision that India will be a significant player in the global electronics supply chain. He laid a target that India will do $300 billion in electronics manufacturing by 2026. From next year, mobile phones will be among the top 10 categories for exports from India. There is an underlying vision and policy framework that is causing this shift in global brands to seek India as a global manufacturing destination," said Chandrasekhar in a statement.
Initiatives such as 'Maki in India' and 'Digital India' have accelerated the growth of domestic electronics production. According to the market estimates, the global electronic devices market is estimated to be $ 2.9 trillion in 2020. India's share in the global electronic systems manufacturing industry has grown from 1.3% in 2012 to 3.6% in 2019. Referring to the industry scenario, it is stated that, with per capita disposable income and private consumption having doubled between FY12 and FY21, India has emerged as one of the largest markets for electronic products in the world.
The minister added that PM Modi has a vision of broadening the electronic ecosystem. He said, "Very soon a comprehensive semiconductor ecosystem including design, packaging, fabrication and manufacturing will be established in India. Also, we are creating a framework of modern laws, and India is becoming a global hub for innovation. One of the enabling environments for our start-ups is a modern framework of policies. We will soon do the Digital India Act."