India will produce 300 billion dollars worth of electronics goods in a few years – IT Minister
India has embarked on a journey to achieve $300 billion in electronics production including $100 billion in exports in the coming few years. This is a realistic and achievable target for the Government Railways Union Minister of Electronics and IT. The minister also said that India can become a reliable partner in the Global Value Chain (GVC) in a short time.
Ashwini Vaishnav said here on Saturday that India has started the journey to achieve $300 billion in electronics production including $100 billion in exports in the coming few years, which is a realistic and achievable target for the Government, Railways, Union Electronics and IT Minister.
Speaking at the 'Global Business Summit' in the nation's capital, the minister expressed his confidence in meeting those targets shortly, citing the rapid evolution of the manufacturing ecosystem as a whole. Manufacturers of components have begun to make adjustments for our nation. Work on semiconductor design and electronics has begun in large quantities.
Vaishnav told the assembly that all of this guarantees India's ability to quickly establish itself as a trustworthy partner in the Global Value Chain (GVC). To give homegrown producers a fighting chance against competitors, the government has lowered import taxes on parts used in smartphones. China and Vietnam, which is probably going to quicken the growth rate of exports.
After the success of the PLI scheme for mobile phones, the government hopes that the PLI for IT hardware and servers will lead to more investment in the component ecosystem in the country to develop the supply chain.
India has become the second-largest manufacturer of mobile phones in the world. Exports of mobile phones have also increased from an estimated Rs 1,566 crore in 2014-15 to an estimated Rs 90,000 crore in 2022-23. Exports grew by an impressive 5,600 per cent.
Vaishnav highlighted India's impressive achievement in the 5G rollout, saying that we used 'Make in India' tools to achieve 5G rollout in 16 months, making our technology competitive with international standards.
The Minister emphasised that all citizens ought to have access to cutting-edge technologies, irrespective of their socioeconomic background. According to him, India's semiconductor industry has a significant history.
The minister said that in June last year, the Micron Semiconductor project was announced during Prime Minister Narendra Modi's visit to the US. In less than 90 days, a ground-breaking ceremony took place in Sanand, Gujarat.
In September last year, US-based Micron Technology began construction of a Rs 22,500 crore facility in Sanand, Gujarat, which will set a benchmark for India's semiconductor journey.
