New Multi-billion Dollar Incentive Scheme For Electronics On Cards

ENA Sectors 2024-11-25 15:49:02 New Delhi, Nov 25 (KNN) Indias electronics manufacturing sector, buoyed by robust local production, especially of mobile phones, is set to receive a significant boost. The government is reportedly planning a new incentive scheme worth billions of dollars aimed at domestic manufacturers to produce critical components like printed circuit boards (PCBs) for devices such as laptops. This initiative seeks to strengthen local supply chains and reduce dependence on imports, according to sources. The scheme aligns with Indias ambition to emerge as a global electronics powerhouse amid shifting geopolitical and economic dynamics. As global giants reconfigure their manufacturing bases to reduce reliance on China, India is positioning itself as a viable alternative. The country has set an ambitious target of achieving USD 500 billion in electronics manufacturing by FY30, creating 60 lakh jobs in the process. Currently, the sector is valued at approximately USD 115 billion and needs a compound annual growth rate (CAGR) of over 20 per cent to meet its goal. The India Cellular and Electronics Association (ICEA) highlights the importance of integrating into global value chains (GVCs) to bolster production and exports. Apples performance epitomises Indias electronics manufacturing potential. Riding on the governments Make in India and production-linked incentive (PLI) schemes, Apple has shattered records in iPhone exports. From April to October FY25, the Cupertino-based giant exported iPhones worth nearly Rs 60,000 crore (over USD 7 billion), achieving 70 per cent of FY24s USD 10 billion export tally with five months to spare. In FY24, Apple manufactured or assembled USD 14 billion worth of iPhones in India, exporting over USD 10 billion worth of devices. The FY25 figures indicate a continued growth trajectory, underscoring Indias appeal as a manufacturing hub. The proposed incentive scheme and the industry's meteoric rise signal Indias readiness to become a central player in the global electronics market. By nurturing deeper manufacturing capabilities and leveraging global shifts, India could redefine its position on the world stage. (KNN Bureau) 40028 https://knnindia.co.in/news/newsdetails/sectors/new-multi-billion-dollar-incentive-scheme-for-electronics-on-cards 2024-11-25 15:49:02 knnindia.co.in New Multi-billion Dollar Incentive Scheme For Electronics On Cards