New Delhi [India], January 27 (ANI): India's electronics goods exports surged by 49 per cent year-on-year to $11 billion in April-December 2021 period as against $7.4 billion recorded in the corresponding period of last year, the government data showed on Thursday.
India's exports of electronics goods rose to $1.67 billion in December 2021, registering a growth of 33.99 per cent over $1.25 billion logged in December 2020, according to data released by the Ministry of Commerce and Industry.
The overall exports of electronics goods in the financial year 2020-21 stood at $11.11 billion. In just three quarters of the current financial year the exports stands at $11.0 billion nearly the same what was achieved in the full year of 2020-21 FY.
Mobile phones constitute a major chunk of India's electronics goods sector exports. The sector includes IT Hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, auto electronics, electronic components, LED Lighting, strategic electronics, PCBA, wearables and hearables, and telecom equipment.
Top 5 export destinations of India's electronic goods exports during April-November 2021 period are: USA (18 per cent), UAE (16.6 per cent), China (7.6 per cent), Netherland (4.5 per cent) and Germany (4.2 per cent).
Steps taken by the Government which are expected to increase the domestic manufacturing and export of electronics goods including mobile phones include formulation of Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing, PLI for IT hardware, Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Modified Electronics Manufacturing Clusters (EMC 2.0) under the National Policy on Electronics, 2019, which envisages to position India as a global hub for Electronics, System Design and Manufacturing (ESDM).
Moreover, FDI upto 100 per cent under the automatic route is permitted for electronics manufacturing subject to applicable laws. Phased Manufacturing Programme (PMP) has been notified to promote domestic value addition in mobile phones and their sub-assemblies / parts manufacturing.
Tariff Structure has also been rationalised to promote domestic manufacturing of electronic goods, including Cellular mobile phones, Commerce and Industry Ministry said.
The Ministry of Electronics and Information Technology (MeitY) on January 24, released the second volume of a 5-year roadmap and Vision Document for the Electronics Sector. The first volume was released in November 2021.
The Vision Document lays the roadmap to transform India into a $300 billion electronics manufacturing powerhouse over the next 5 years, from the current $75 billion. This will make electronics goods amongst India's 2-3 top ranking exports by 2026. Electronics goods exports are expected to increase from the projected $15 billion in 2021-22 to $120 billion by 2026. (ANI)