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In a significant move to enhance India's position in the global electronics industry, the Union Cabinet has approved the Electronics Component Manufacturing Scheme with a substantial outlay of Rs 22,919 crore. This initiative is part of India's ambitious plans to become self-sufficient in the production of passive electronic components, a sector critical to the country's electronics manufacturing sector. The scheme aims to attract substantial investments, promote domestic production, and significantly boost employment opportunities within the industry.
The Electronics Component Manufacturing Scheme has several key objectives:
The scheme is expected to have a profound impact on the electronics industry in India, with several promising outcomes:
Currently, India faces a significant challenge in the production of passive components, with a projected deficit of USD 248 billion by 2030 if reliance on imports continues[1]. The government's initiative is timed to address this challenge, aiming to reduce the dependence on foreign components and promote indigenous manufacturing instead.
The electronics industry in India has been witnessing rapid growth, driven by robust government support and strategic initiatives. Domestic production of electronic goods has grown from Rs 1.90 lakh crore in FY 2014-15 to Rs 9.52 lakh crore in FY 2023-24, achieving a Compound Annual Growth Rate (CAGR) of over 17%[3]. Exports have also seen a significant rise, increasing from Rs 0.38 lakh crore to Rs 2.41 lakh crore during the same period, with a CAGR of over 20%[3].
The Indian government has been proactive in supporting the electronics sector through various initiatives:
The new scheme promises several benefits, both economically and strategically:
Industry leaders have welcomed the scheme, terming it a "game-changer" that will strengthen India's electronics ecosystem. Rajoo Goel, Secretary-General of the Electronic Industries Association of India (Elcina), noted that the scheme will fill a significant void in the supply chain, thereby improving global competitiveness[1].
To achieve its ambitious targets, India aims to integrate its electronics industry seamlessly into global supply chains. This involves:
The Electronics Component Manufacturing Scheme is a critical step in positioning India as a major player in the global electronics manufacturing sector. With its focus on indigenous production of passive components, the scheme addresses a key vulnerability in India's electronics supply chain—dependence on imports. By fostering growth, employment, and economic development, the scheme aligns with India's broader vision of becoming a self-sufficient and globally competitive electronics hub. As the country moves towards achieving a target of USD 300 billion in electronics production by 2026, initiatives like this are crucial in driving progress and maintaining momentum in this strategic sector[3].
