The collaboration between the industry and the government is poised to propel electronics manufacturing in India towards achieving the ambitious $300 billion target within the next few years. Prime Minister Narendra Modi's tenure, often referred to as Modi 3.0, is expected to solidify this vision over the next five years, according to the Indian Cellular and Electronics Association (ICEA), the apex body representing the mobile and electronics industry in the country.
Pankaj Mohindroo, Chairman of ICEA, emphasized that various emerging sectors such as cells, printed circuit boards (PCBs), displays, and semiconductors are poised to establish robust foundations in the coming years.
"The industry and government are jointly committed to scaling up electronics manufacturing, with a particular focus on exceeding $100 billion in mobile phone production. Modi 3.0 is expected to reinforce this commitment and accelerate its realization," Mohindroo stated.
India has already secured its position as the world's second-largest mobile phone manufacturer in terms of volume. Government data indicates a remarkable surge in mobile phone exports, skyrocketing from approximately Rs 1,566 crore in 2014-15 to an estimated Rs 90,000 crore in 2022-23, marking an exponential increase of over 5,600 percent.
Following the successful implementation of the Production Linked Incentive (PLI) scheme for mobile phones, the government anticipates similar success with the PLI initiative for IT hardware and servers. This move is expected to attract significant investments in the component ecosystem, thereby fortifying the supply chain infrastructure.
"Beyond mobile phones, other sectors such as IT hardware manufacturing are poised for substantial growth, with projections indicating a potential surpassing of $15 billion by 2029," added Mohindroo, highlighting the promising prospects for diverse verticals within the electronics industry.
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