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Industrials
India's electronics exports are poised to reach an unprecedented milestone, projected to exceed Rs 3 lakh crore in the fiscal year 2025. This remarkable growth is fueled by a 35% surge in the first 11 months of the current fiscal year and bolstered by strategic initiatives like the Production-Linked Incentive (PLI) scheme for smartphones. With Apple's significant contribution of 43%, the electronics sector has emerged as the third-largest export category, closing the gap with engineering and petroleum products.
The electronics sector has witnessed a robust growth trajectory, with exports soaring to new heights. The first 11 months of FY24 recorded a staggering 35% increase, setting the stage for the anticipated milestone of Rs 3 lakh crore in FY25. This surge is not just a testament to the sector's resilience but also to the strategic policies and incentives that have catalyzed this growth.
The Production-Linked Incentive (PLI) scheme has played a pivotal role in driving the growth of electronics exports. Specifically designed to boost domestic manufacturing and reduce import dependency, the PLI scheme for smartphones has been a game-changer. It has attracted significant investments and fostered an ecosystem conducive to manufacturing excellence.
Apple's contribution has been a cornerstone of India's electronics export success story. With a 43% share in the electronics export pie, Apple has not only solidified its presence in India but also propelled the country's electronics sector onto the global stage. This significant contribution underscores the potential of India as a manufacturing hub for global tech giants.
The electronics sector's meteoric rise has narrowed the gap with traditional export heavyweights like engineering and petroleum products. While engineering and petroleum products have long dominated India's export landscape, the electronics sector's growth has been so rapid that it now ranks just behind these established categories.
Recognizing the potential for further growth, the Indian government is contemplating a component development scheme. This proposed initiative aims to enhance the domestic production of electronic components, thereby reducing reliance on imports and strengthening the electronics manufacturing ecosystem. Such a move could accelerate the sector's growth trajectory even further.
The future looks bright for India's electronics exports, with the sector poised for continued growth and innovation. The combination of strategic government initiatives, robust domestic manufacturing capabilities, and the interest of global tech giants like Apple sets the stage for sustained success. As India continues to enhance its electronics manufacturing ecosystem, the sector's contribution to the nation's economy is set to grow even more significant.
India's electronics exports are on a remarkable upward trajectory, set to exceed Rs 3 lakh crore in FY25. The 35% surge in the first 11 months of FY24, coupled with the impact of the PLI scheme and Apple's significant contribution, has propelled the sector to new heights. As the government considers a component development scheme, the future looks promising for India's electronics sector, which is now the third-largest export category, closely trailing engineering and petroleum products.
