India is ellipted to get its electronic manufacturing sector increased manifold as it is being estimated that this sector may touch around $250 billion in the next five years. Media reports. It is informed that at the present, the country is doing electronic exports in the range of $125-130 billion. Unemployment is a major issue and needs to address. The government is keen to generate more jobs opportunities in the sector, and at present this sector supports about 25 lakh job holders. This workforce is to be doubled in the next five years according to media reports.
The Invest India says, "Technological advances such as 5G Network readiness and emergence of IoT prove to be growth drivers for increasing adoption. In addition, Government initiatives in the country are like 'Digital India' and 'Smart City' projects are likely to create substantial growth prospects for IoT in the electronics market thus marking entry into a transformational phase in the electronic goods.
Domestic production in India has meanwhile grown strongly to record 13% CAGR from $49 billion in FY17 to $101 billion in FY23. The latest April 2024 data from Invest India put the exports of electronic goods at $2.65 billion, up by 25.80 percent from $2.10 billion in April 2023. The production of mobile phones has also seen exponential growth and has gone up from Rs 18,900 crore in 2014-15 to an estimated Rs 4.10 lakh crore in FY24, an simply staggering 2,000% or more increase, deprtment finds from the data provided by the India Cellular and Electronics Association, ICEA.
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