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India’s Electronics Exports to EU May Cross $100 Billion by 2035: ICEA Chairman
Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association, estimates that India's electronics exports to the European Union will surpass $100 billion by 2035. This trade agreement will provide strategic protection to Indian industry amid global geopolitical instability. It is expected to eliminate tariffs on most products and open up new trade opportunities for MSMEs, leading to increased employment in sectors such as textiles, apparel, and gemstones.
Pankaj Mohindroo, the chairman of India Cellular and Electronics Association, says that India's electronics exports to the EU will rise to over $100 billion in 2035. This trade agreement will act as a shield for India in a geopolitically unstable world. According to Pankaj Mohindroo, this trade agreement is likely to result in the removal of duties on most products, but the greater value of the strategic security is more relevant.
Mohindroo said, "I think we all understand that duties on most products will be reduced to zero. The most important thing here is that in this very difficult geo-economic world, where there is so much turmoil and blocs and countries are imposing tariffs on each other, India has protected itself from any such action by the EU."
He said that electronics exports to the European Union currently stand at around $12 billion. "We firmly intend to increase this to $50 billion by 2031. I believe we will be on track to surpass $100 billion in electronics exports by 2035." Pankaj Mohindroo called the agreement a major success for the Commerce Department and the national leadership.
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The free trade agreement with the EU is also expected to bring new business opportunities for micro, small, and medium enterprises (MSMEs) and change the economic environment significantly. According to Ranjit Mehta, CEO and Secretary General of the PHD Chamber of Commerce and Industry (PHDCCI), this agreement paves the way for Indian industry to connect with a $23 trillion bloc.
Mehta stated that the agreement will undoubtedly benefit sectors such as textiles, apparel, gems, and jewelry, and will also create job opportunities in the country. He noted that India and the EU have a combined population of over two billion and account for approximately 25 percent of the global economy.
PHDCCI's analysis shows that demand for goods and services remains strong as the market grows. Industry expects this positive trend to continue in the coming months, largely due to the favorable trade environment created by the new agreement.
