Production of Electronics Goods In India To Cross $115 Billion In 2024: ICEA Chairman

New Delhi Jan 1 (KNN) Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA), evaluated the total production of electronic goods in the fiscal year 2023-24 to reach USD 115 billion.

Mahindroo anticipates the manufacturing of mobile phones to exceed USD 50 billion by March 2024, compared to the approximately USD 42 billion recorded in the preceding fiscal year, reported ET.

According to government data, more than fourfold increase in domestic electronics manufacturing is witnessed over the past decade, reaching Rs 8.22 lakh crore from Rs 1,80,454 crore in the previous fiscal year.

Mohindroo further stated mobile phone exports to reach USD 15 billion in FY 2024-25, reflecting a 35% growth over the previous fiscal.

ICEA reported that mobile phone exports during the April-November period of this fiscal have surpassed USD 9 billion compared to USD 6.2 billion in the same period last year.

With a focus on deep manufacturing and greater localization, Mohindroo noted that the mobile phone industry has achieved a near self-reliance state in Printed Circuit Boards Assembly (PCBA), chargers, battery packs, and cables.

In the pursuit of a semiconductor ecosystem, the government has also secured a breakthrough with a USD 2.75 billion project by global memory chip maker Micron.

However, the unexpected breakup of the Vedanta-Foxconn joint venture for a proposed semiconductor plant led both entities to separately work on establishing semiconductor plants.

In line with official declarations, applications for establishing chip plants have been submitted by Tata Electronics, Foxconn, and the HCL Group.

(KNN Bureau)