India's Electronics Output Tops $115B in 2024, Driven by Mobiles

CIOTechOutlook Team | Saturday, 23 November 2024, 02:55 IST

  • No Image

India's electronics manufacturing has increased by over 100% in the past six years, reaching $115 billion in 2024, driven by the expansion of global companies producing mobile devices. However, the industry is being criticized for its significant dependence on foreign components sourced from nations like China.

"The new scheme will incentivise production of key components like printed circuit boards that will improve domestic value addition and deepen local supply chains for a range of electronics," one of the two officials said.

The officials, who preferred to remain anonymous due to the scheme being not yet public, stated that incentives will probably be available through a new program set to start in two to three months. India's electronics ministry's plan is expected to provide between $4-$5 billion in incentives to qualifying global or local firms. The scheme has pinpointed eligible components and is nearing completion.

The scheme's final allocation is expected to be approved soon by the finance ministry, with sources anticipating its launch within the next 2-3 months, as stated by the first official. India aims to grow its electronics manufacturing industry to $500 billion by 2030, with $150 billion coming from the production of components.

According to a report by private think tank GTRI, India bought electronics, telecoms equipment, and electrical goods totaling $89.8 billion in the fiscal year 2024, with over half of the products coming from China and Hong Kong.

🍪 Do you like cookies?

We use cookies to ensure you get the best experience on our website. Read more...