India Targets $500 Billion Electronics Manufacturing by 2030 with Industry Reforms

ENA Sectors 2024-09-19 16:43:30 New Delhi, Sep 19 (KNN) In a bold move to position India as a global electronics manufacturing hub, Electronics and IT Minister Ashwini Vaishnaw announced on Wednesday that the government and industry stakeholders are collaborating on a series of reforms aimed at achieving a USD 500 billion electronics manufacturing sector by 2030. This announcement follows Prime Minister Narendra Modi's recent ambitious goal, which envisions a significant expansion in the countrys electronics industry over the next six years. Speaking at an event hosted by the Public Affairs Forum of India (PAFI), Vaishnaw expressed confidence in reaching the target, emphasising the importance of diligent effort and sound policy implementation. Whatever be the ambition, if the hard work and the right policies can come in, the target can be achieved, he stated. The proposed reforms are expected to enhance the pace of Indias electronics manufacturing growth. The India Cellular and Electronics Association (ICEA), representing major players in the electronics and smartphone sectors, is preparing to meet with the Prime Ministers Office (PMO) and the finance ministry later this month. These discussions will focus on critical issues such as tariff rationalisation, ease of doing business, and overall reforms needed to boost production. According to ICEA estimates, Indias electronics production in the fiscal year 2024 reached USD 115 billion, with mobile phones accounting for approximately USD 52 billion. To meet the USD 500 billion target by 2030, the sector needs to achieve an annual growth rate of 20-22 per cent, as highlighted by ICEA Chairman Pankaj Mohindroo. The ambitious target is not just a number but represents a significant portion of India's current industrial output, equating to about 14 per cent of the nations GDP, according to Apple India Managing Director Virat Bhatia. Bhatia underscored the enormity of the goal, stating that achieving or even approaching this target would be transformative for Indias economic landscape. In addition to these measures, the Centre is working on a components incentive scheme designed to boost the domestic production of electronics components and enhance value addition within the country. Vaishnaw has also called for industry-specific taskforces to identify areas where compliance and regulations can be streamlined, aiming to reduce the burden on various sectors. As the government and industry join forces to drive this transformation, the path to a USD 500 billion electronics sector will demand concerted efforts and strategic reforms. The coming months will be crucial in shaping the future of India's electronics manufacturing capabilities and its role in the global market. (KNN Bureau) 39341 https://knnindia.co.in/news/newsdetails/sectors/india-targets-500-billion-electronics-manufacturing-by-2030-with-industry-reforms 2024-09-19 16:43:30 knnindia.co.in India Targets $500 Billion Electronics Manufacturing by 2030 with Industry Reforms