India’s Economic Survey 2022-23, which was released on Tuesday, said the electronics industry would be a key driver of manufacturing output and exports in the coming months. The industry, had accounted for $4.4 billion in the 2018-19 fiscal, a figure that has nearly trebled to $11.6 billion in the 2022 fiscal.
According to the survey, the electronics industry continues to ascend in importance as its applications become pervasive, particularly in the socio-economic development of a country.
“India aims to reach $300 billion worth of electronics manufacturing and $120 billion in exports by the 2025-26 fiscal, backed by a vision for a $1 trillion digital economy by 2025,” the survey said
India has become the second-largest mobile phone manufacturer globally, with the production of handsets, going up from six crore units in the 2014-15 fiscal to 31 crore units in the 2021-22 fiscal.
Production-Linked Incentive (PLI) schemes will help many more domestic players to attain economies of scale, the survey said, adding that the impetus on Smart Cities and the Internet of Things (IoT) will streamline the demand for smart devices.
Further, the survey said availability and spread of digital infrastructure will contribute significantly to economic growth, with the focus areas being high speed internet, core utility, unique digital identity, citizen participation, public cloud services, safe and secure cyber space.