Bengaluru, Mar 16 (KNN) Electronic goods export from India will touch Rs 1.76 lakh crore in the current financial year, the Ministry of Electronics and Information Technology informed the parliament on Wednesday.

Minister of Electronics and IT Ashwini Vaishnaw in his submission to the Lok Sabha pointed out that Karnataka led the electronics exports chart with exports worth USD 3,898 million (about Rs 3.22 lakh crore), followed by Uttar Pradesh USD 3,792 million (Rs 3.13 lakh crore).

India's share of global exports has increased to approximately 1.8 per cent in the current year from 1.2 per cent last year, he said.

The IT minister said that the export of electronic goods has increased from Rs 39,978 crore (USD 5.96 billion) in FY 2016-17 to Rs 1, 09,797 crore in FY 2021-22 (USD 14.6 billion), exhibiting a compound annual growth rate (CAGR) of 22.39 per cent. 

"The domestic production of electronic items is expected to reach Rs 8.42 lakh crore (USD 105 billion) in the current FY 2022-23 as compared to Rs 6.40 lakh crore (USD 87.35 billion) in FY 2021-22 and is targeted to reach USD 300 billion by 2025-26," he added.

Recently, the government has approved another tranche of production-linked incentive (PLI) scheme worth Rs 765 crore for electronics manufacturing.  (KNN Bureau)