According to estimates, the sector's value, which currently hovers between USD 125-130 billion, is anticipated to surge to approximately USD 250 billion. This growth trajectory is underpinned by various incentive schemes introduced by the Indian government, including the Production Linked Incentive (PLI) schemes aimed at large-scale electronics manufacturing and IT hardware. Additionally, the Semicon India Program, with a USD 10 billion incentive outlay, is set to bolster India's position in semiconductor and display manufacturing.
As part of this expansion, the government is also focusing on job creation within the sector. Employment in electronics manufacturing, which currently stands at around 2.5 million, is expected to double, reaching 5 million in the coming years. This increase is seen as a critical step towards addressing the unemployment issue while also strengthening India’s status as a global manufacturing hub.
India's advancements in the mobile manufacturing segment have been particularly noteworthy, as the country transitions from import substitution to becoming an export-driven market leader. In contrast, the laptop manufacturing sector is in the process of achieving similar self-reliance.
Despite these positive developments, the electronics sector faces challenges, particularly in terms of import reliance. China and Hong Kong continue to dominate India’s electronic imports, contributing to 60% of the total. However, efforts are underway to reduce this dependency and boost domestic production.
The government's aggressive push through various policies and programs reflects its commitment to making India a key player in global electronics manufacturing. This approach is expected to bring about significant technological innovation, economic development, and increased export potential in the near future.
With strategic initiatives in place, India is poised to emerge as a dominant force in the global electronics market, paving the way for sustainable growth and development in the sector.