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Union Minister Ashwini Vaishnaw addressing a press conference in the national capital on Sunday said that electronic exports have increased more than six times in the last ten years.
Ashwini Vaishnaw said, "Electronic exports have increased more than 6 times in the last 10 years. Production CAGR is more than 17 percent and export Compound annual growth rate (CAGR) is more than 20 percent. Within a short time frame, the ecosystem has substantially increased. There are more than 400 manufacturing units that manufacture a variety of components, and like many other countries it all starts with finished goods, then it moves to assemblies and then components. We are at a phase where it is now moving to components. This is the third phase of our growth. We are announcing a horizontal scheme. Electronic components that will be supported under this scheme will go into consumer electronics, medical electronics, power electronics, automobiles, and electrical grids. It will give boost to many sectors. He further said that there are two major categories in components. "There are active components. There are passive components. Active components come under the semiconductor category. They are all supported by Indian Semiconductor Mission (ISM). Passive components will be covered under Electronics components manufacturing scheme," he said. He further said that in the previous fiscal year (24-25), smartphone exports crossed a new record of 2 lakh crores. "It is among the top exported goods out of India. This is 54 percent growth over the previous fiscal FY 23-24. iPhone exports alone are worth about 1.5 lakh crores. So electronics exports basically have grown 5 times. Electronics production and electronics exports has grown more than 6 times in the last 10 years. Electronics manufacturing has increased more than 5 times and electronics exports have increased more than 6 times," he further said. The minister also announced that the notification for the Electronics Component Manufacturing Scheme would be issued on Tuesday. Recently, the Union Cabinet approved Production linked Incentive scheme with a funding of Rs 22,919 crore to make India Atmanirbhar in the electronics supply chain. Vaishnaw said that after the issuance of the notification, the process of holding consultations with the industries will begin for framing the guidelines for the implementation of the scheme. "The electronics components supported under this scheme will be used in consumer electronics, medical electronics, power electronics, automobiles, electrical grids, and practically every sector. This will have a multiplier impact across many industries," Vaishnaw said. He further clarified that the scheme would cover both active and passive components, two major categories in electronics manufacturing. In related developments, Merck and Linde are setting up manufacturing facilities in India, and the government will support the manufacturing of capital equipment domestically. (ANI)
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