$100 billion: How can India hit its lofty electronics export target?
«We are targeting $300 billion in production and around $100 billion in exports in the next few years. The ecosystem which is developing is giving us a lot of confidence because now the component manufacturers have started shifting to our country,” Information and Technology Minister Ashwini Vaishnaw said at the ET Now Global Business Summit 2024 a few days ago..
With a huge 22% boost in electronic exports in FY24 which breached the $20 billion mark, the IT Minister believes the target of achieving $100 billion exports in the coming few years is a visible thing. Electronics exports were at $7.6 billion in 2013-14 and $22.7 billion in 2022-23, as per the White Paper issued by the government.
How India bumped up electronics exports
The major rise in electronics exports, which nearly tripled from $8.4 billion in FY19, was largely driven by smartphone shipments. According to the apex industry body, India Cellular and Electronics Association (ICEA), mobile phone exports reached $10.5 billion during April to December 2023 period, comprising 52% of total electronics exports. In FY23, mobile phones comprised $11.1 billion or nearly 43% of the total electronic exports.
The sudden boost in exports has also been attributed to Apple. Exports of iPhones by California-based tech giant crossed $7 billion in December 2023 which constituted 35% of total electronics exports and a whopping 70% of the country's total mobile exports in the nine months ended December.
Minister of State for Electronics and IT Rajeev Chandrasekhar
