Chennai, Mar 2 (KNN) Tamil Nadu has solidified its status as India’s premier electronic product exporter. The state accounts for a remarkable 32.52 per cent of the nation's total export of electronic system design and manufacturing (ESDM) goods.

The state boasts a value of USD 7.37 billion in electronic exports. The total export value stands at USD 22.65 billion from April to January in the ongoing financial year (FY24), reported BS.

Industry experts attribute this surge in exports to the China-Plus-One strategy adopted by major global players like Apple.

Their contractors such as Foxconn and Pegatron, along with suppliers like Salcomp, have contributed significantly to Tamil Nadu's ascent as the electronic hub of the nation.

Coined in 2013, the China-Plus-One strategy involves diversifying business operations beyond China to alternative destinations.

In comparison to the previous financial year (FY23) when electronic goods exports amounted to USD 5.37 billion, Tamil Nadu has already exported electronic goods worth USD 7.37 billion within just 10 months of FY24. Forecasts suggest the state's electronic goods exports are on track to reach the USD 9 billion mark by the end of FY24.

To harness the immense potential of this sector and ascend the value chain, the ‘Tamil Nadu Semiconductor and Advanced Electronics Policy 2024’ was unveiled during the Tamil Nadu Global Investors Meet held in January.

This policy aims to accelerate growth in the sector and cultivate a skilled talent pool of 200,000 individuals by 2030.

The state has been advancing swiftly across all realms of industrial growth, owing largely to its strong ties with stakeholders. Its strengths encompass top-notch human resources, a robust ecosystem across sectors, and inclusive growth, as stated by a government statement.

(KNN Bureau)