The country's electronics production will grow at least by USD 153 billion (around Rs 11.5 lakh crore) in the next five years, the secretary said.
The government is expecting electronics manufacturing in the country to register an annual growth rate of 30 per cent over the next five years and clock Rs 11.5 lakh crore additional production during this period, electronics and IT secretary Ajay Prakash Sawhney said on Thursday. Also, the exports of electronic products will grow in the range of 40-50 per cent annually over the next five years, he added.
“Electronics manufacturing in India has been growing quite significantly. We have registered 23 per cent cumulative annual rate of growth over past five years. Now in this journey the growth is expected to be 30 per cent year on year for next five years,” Sawhney said at the Invest India Exclusive Investment Forum – Japan Edition.
He said that mobile manufacturing in the country has grown from 6 crore handsets five years ago to 33 crore at present, and over 90 per cent of country’s mobile phone requirements are met through domestic production.
“Last year we have seen spurt of 25 per cent. In next five years, growth in exports could be 40-50 per cent year on year at a bare minimum,” Sawhney said.
The country’s electronics production will grow at least by USD 153 billion (around Rs 11.5 lakh crore) in the next five years, the secretary said.
As many as 22 domestic and international firms, including iPhone maker Apple’s contract manufacturers as well as Samsung, Lava, Dixon and so forth, have lined up with proposals for mobile phones production worth Rs 11 lakh crore over the next five years.
According to Union minister Ravi Shankar Prasad, these proposals under the government’s Rs 41,000-crore production-linked incentive (PLI) scheme for mobile phone manufacturing are expected to create around 12 lakh jobs, 3 lakh direct and 9 lakh indirect employment opportunities in the country.
Sawhney said that Japanese companies have tremendous expertise and market share in capital goods which are used in the factories that manufacture electronic goods, digital displays, semiconductors, and India is looking forward to their engagement in the domestic market.
“I would say India and Japan have a tremendous complimentary position especially in the electronics sector. It is time for us to bring in more investment from Japan into India, more technologies into India,” Sawhney said.