As India prepares to take its electronics manufacturing sector to a goal of $500 billion by 2030, the newly approved ₹22,919 crore Electronics Component Manufacturing Scheme (ECMS) will be catapulting major growth, industry insiders said on Friday.
The Union Cabinet, led by Prime Minister Narendra Modi, has approved the ECMS, a strategic project that seeks to enhance domestic output in the electronics sector.
The plan is to bring in investment of ₹59,350 crore, production valued at ₹4,56,500 crore, and 91,600 direct employment opportunities, besides creating various indirect jobs over the span of its implementation.
Terming the move as appreciable, Pankaj Mohindroo, Chairman of ICEA, said, "We are immensely thankful to the Ministry of Electronics and IT (MeitY) for its leadership in crafting a wonderful scheme that will stimulate employment generation, enhance MSME involvement, and lead to greater value addition in the electronics industry."
Over the past decade, India has witnessed an extraordinary surge in the mobile and electronics industry, with domestic production soaring by 400 percent to an estimated $135-140 billion since FY15.
Mohindroo further emphasized that the ECMS will play a crucial role in strengthening India’s integration with Global Value Chains (GVCs), fostering large-scale manufacturing units, and driving employment generation.
Based on a report presented by the India Electronics and Semiconductor Association (IESA), the Indian domestic market of electronics manufacturing and exports is estimated to be at $400 billion by the year 2030.
Ashok Chandak, IESA President, emphasized that the scheme would boost the 'Make in India' dream by promoting value addition, import substitution, and an improved domestic supply chain. "In combination with the push on semiconductor manufacturing and the already present PLI for electronics, these will enhance India's position on the world map in the sector," he said.
Dr. Ajai Chowdhry, HCL founder and EPIC Foundation Chairman, observed that ECMS would tremendously increase value addition in electronics manufacturing along with investments in system products. The component availability locally, he added, would facilitate just-in-time manufacturing, further optimizing efficiency.
He also stated that the scheme offers a promising employment-linked incentive in addition to PLI and capital expenditure advantages, and therefore it is one of the important drivers of manpower growth, economic growth, and industrial competitiveness.
Read also| Centre to Borrow ₹8 Lakh Crore in H1 FY26, Covering 54% of Annual Target
Read also| Gautam Adani becomes India's biggest wealth gainer: Hurun Global Rich List
