ENA Sectors 2024-06-07 14:25:38 <p><span style="font-size:14px"><strong>New Delhi, Jun 7 (KNN)</strong> India's electronics and mobile industry is calling on the incoming government to establish policies that will boost domestic manufacturing, attract global investments, and integrate the country more deeply into global value chains (GVCs).</span></p> <p><span style="font-size:14px">Pankaj Mohindroo, chairman of the Indian Cellular and Electronics Association (ICEA), said a mission-mode approach is needed to quadruple the sector's output in the next five years.</span></p> <p><span style="font-size:14px">This would require coordinated efforts across ministries and close collaboration with industry leaders.</span></p> <p><span style="font-size:14px"> Our focus should be on creating a robust policy framework that incentivises domestic manufacturing and attracts global investments, Mohindroo stated.</span></p> <p><span style="font-size:14px">He emphasised the need for a predictable regulatory environment and ease of doing business to foster innovation and growth.</span></p> <p><span style="font-size:14px">The ICEA, representing major companies like Apple, Foxconn, Xiaomi and others, wants the new government to prioritise scaling up India's electronics manufacturing capabilities to align with GVCs.</span></p> <p><span style="font-size:14px">This involves enhancing competitiveness through improved infrastructure, streamlined regulations, and increased foreign direct investment.</span></p> <p><span style="font-size:14px"> Ensuring sustainable growth requires a collaborative approach between industry and policymakers, Mohindroo said. GVCs have to be the highest priority since 90 per cent of global electronics trade is with them. </span></p> <p><span style="font-size:14px">Despite having a large domestic market, India currently accounts for only 3-4 per cent of global electronics production.</span></p> <p><span style="font-size:14px">The government has set an ambitious USD 300 billion manufacturing target by 2026, after the industry quadrupled output from USD 25 billion to USD 100 billion over the past decade.</span></p> <p><span style="font-size:14px">Mohindroo called for an appropriate production-linked incentive scheme for components, sub-assemblies, wearables and hearables to drive domestic value addition and attract new investments.</span></p> <p><span style="font-size:14px"> The new administration needs comprehensive reforms to make India more competitive with countries like Vietnam and China, he added.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38109 https://knnindia.co.in/news/newsdetails/sectors/icea-urges-new-government-to-prioritise-manufacturing-global-integration 2024-06-07 14:25:38 knnindia.co.in