New Delhi, June 9: India is poised to become a large-scale global electronics manufacturing destination in years to come under the visionary leadership of Prime Minister Narendra Modi, Pankaj Mohindroo, Chairman, India Cellular and Electronics Association (ICEA), said on Sunday.
According to Mohindroo, the remarkable growth in mobile phone manufacturing which has reached 50 billion over the last decade, has laid the foundation for a robust growth in overall electronics. “We will now as a nation have to accelerate in all sectors, not only in mobile manufacturing but also in IT hardware, laptops, desktops, servers, consumer electronics, auto electronics and all other verticals of electronics for India to become a global manufacturing destination for electronics,” Indian Tech Industry Hails PM Narendra Modi’s Third Record Term, Says Continuity Will Promise Stability, Consistency and Effectiveness.
Mohindroo told IANS. In a recent report, ICEA mentioned that as India aims to reach $300 billion in electronics production by FY26, it will trigger demand for semiconductors worth $90-$100 billion, largely driven by domestic mobile manufacturing.
Mohindroo further mentioned that the country needs a very passionate leadership as it has had in the last 10 years to catalyse “India towards a very large scale global electronic manufacturing destination, which is a quadruple growth of 400 per cent as we have had in the last 10 years”. PM Narendra Modi Responds After Elon Musk Congratulates Him on Re-Election for Record Third Term, Says ‘Indian Youth, Stable Democracy Will Provide Business Environment for All’.
As per ICEA data, the domestic market is expected to grow from $65 billion to $180 billion over the next 5 years, making electronics among India’s 2-3 top-ranking exports by 2026. Of the $300 billion, exports are expected to increase from the projected $15 billion in 2021-22 to $120 billion by 2026.
(The above story first appeared on LatestLY on Jun 09, 2024 03:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
