New Delhi, November 23 (IANS). Encouraged by the strong local manufacturing of electronics products, especially mobile phones, the Indian government is planning to provide incentives worth billions of dollars to promote the country’s domestic companies.
According to reports quoting government sources, the upcoming scheme may provide incentives for manufacturing of critical components such as printed circuit boards for devices like laptops. With this, there is a possibility of promoting the local supply chain.
The initiative will position India as a major player in the global electronics market as global manufacturing giants aim to shift operations from China.
The country aspires to reach $500 billion worth of electronics manufacturing by FY 2030 and create 60 lakh job opportunities.
According to the India Cellular and Electronics Association (ICEA), the electronics industry is currently worth about $115 billion and global value chains will be important to boost production and exports from the country.
To achieve the target of $500 billion by FY 2030, the electronics industry needs a compound annual growth rate (CAGR) of more than 20 percent.
Apple is leading the country’s electronics manufacturing growth story. With India breaking all previous records in terms of local mobile manufacturing, tech giant Apple is on track to surpass India’s export figures for FY2024.
In a new record, Apple’s iPhone exports from India reached nearly Rs 60,000 crore in the first seven months during the current financial year.
According to industry data, in the April-October period, the Cupertino-based tech giant exported iPhones worth about Rs 60,000 crore (over $7 billion), which is about Rs 8,450 crore (about Rs 1 billion) every month in the current financial year. dollars) is equal to the value of exports.
In fiscal 2024, Apple exported iPhones worth more than $10 billion and this fiscal year, the technology giant has achieved 70 percent of that figure just five months in advance.
Apple is preparing to create a new export record on the basis of the government’s ‘Make in India’ and PLI schemes.
Apple manufactured and assembled iPhones worth $14 billion in India last fiscal year and exported devices worth more than $10 billion.
–IANS
SKT/AS
