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India's Electronics Exports Surge 23.6% to $29 Billion in FY24

Updated: Apr 16, 2024 02:12:58pm

India's Electronics Exports Surge 23.6% to $29 Billion in FY24

New Delhi, Apr 16 (KNN) India's exports of electronics goods witnessed a remarkable surge in the financial year 2023-24 (FY24), reaching USD 29.12 billion, a significant increase of 23.6 per cent compared to the previous year.

This impressive growth came despite the country's overall exports contracting by 3 per cent during the same period.

According to officials from the commerce department, the top five export markets for Indian electronics goods in FY24 were the United States, United Arab Emirates, Netherlands, United Kingdom, and Italy.

These countries have consistently been major importers of Indian electronics products, reflecting the strong demand for the high-quality and cost-effective offerings from the Indian electronics manufacturing sector.

In addition to strengthening its presence in existing markets, India's electronics exports ventured into new territories during FY24.

Some of the emerging markets for Indian electronics goods included Montenegro, Cayman Islands, El Salvador, Turkmenistan, Mongolia, Honduras, and St. Vincent.

This diversification of export destinations highlights the growing global demand for Indian electronics products and the sector's ability to tap into new markets, further bolstering its international footprint.

With the government's push for initiatives like Make in India and the Production Linked Incentive (PLI) scheme, the electronics sector is poised for further growth and expansion in the coming years.

This positive trajectory not only contributes to the nation's economic growth but also solidifies India's position as a prominent player in the global electronics supply chain.

(KNN Bureau)


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