Govt Focused To Achieve $300 Bn Electronic Production Target By 2026: MoS Chandrasekhar
- ByStartupStory | August 30, 2022
Mr. Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology as well as Skill Development and Entrepreneurship, today launched a paper titled “Globalise to Localise: Exporting at Scale and Deepening the Ecosystem are Critical to Higher Domestic Value Addition.” The paper, prepared by the India Council for Research on International Economic Relations (ICRIER) in partnership with the India Cellular and Electronics Association (ICEA), examines how India might meet its aim of $300 billion in electronics manufacturing and $120 billion in exports by 2025-26.
Mr. Rajeev Chandrasekhar, speaking at the event, stated, “The government is laser-focused on realizing the aim of 300 billion USD in electronic production by 2026.” And, to that end, we have always emphasized the importance of building our local manufacturing ecosystem to make India more resilient to supply chain disruptions. Our goal is to establish ourselves as a reliable and trusted partner in global value chains. In launching the research, he stated that it is very timely and will assist the government in identifying the problems that must be overcome as well as the strategies that must be implemented to meet this aim.
According to the Minister, India has succeeded in systematically constructing a structure and strategy that clearly outlines our ambitions for a 300-billion-dollar electronics manufacturing ecosystem with 120 billion dollars in exports by 2026. When asked about the Minister stated that the progress of India’s electronics sector in recent years has come a long way since 2014. In 2014, we were a country that was becoming increasingly reliant not only on petroleum imports but also on electronic imports. Prime Minister Shri Narendra Modi has steadily rebuilt the electronics sector over the years.
As a result of government policies led by Prime Minister Shri Narendra Modi, we are now a 76 billion dollar manufacturing economy with 16 billion dollars in exports, with a target of 21 to 25 billion dollars in exports for next year. But, most crucially, by 2026, we have set a goal of 300 billion dollars in manufacturing and 120 billion dollars in exports. The strategy mentions expanding and deepening the electronics ecosystem. According to the Minister, the ICRIA report is a very essential and intriguing piece that explains our plan for the next few years.
According to the ICEA, preliminary findings of the PLI Scheme are beginning to emerge. In the fiscal year 2021-22, India’s electronics exports surpassed USD 16 billion. This year, electronics have risen to become India’s sixth largest export. Mobile phones are the single most important component of India’s electronics exports. They are estimated to account for nearly half of total electronics exports by next year.
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