Electronics exports grew 56% in Q1, at 4th in pecking order

economictimes.indiatimes.com:

Electronics became the fourth largest exported item from India in the June quarter, jumping two spots, as the category grew the fastest among the top 30 exported items. As per an analysis of the data released by the Ministry of Commerce, electronics exports grew over 56% in the April-June period, reaching ₹57,220.24 crore as against ₹36,533.18 crore in the same period last year. In fact, electronics is the only sector to record growth in the top five categories of exports.

As per experts, at this rate, electronics is likely to emerge as the third largest category of exports in the coming quarters as its gap with the current gems and jewellery segment is narrowing fast. Electronics have overtaken chemicals and drugs and pharmaceuticals to jump from sixth largest exports category to become the fourth largest in Q1 FY24. As per the data, the electronics category has closed the gap considerably with gems and jewellery exports, which was ahead in Q1 by a ₹4,660 crore.

A year ago, the gap was more than nine times, with gems and jewellery exports being ahead by ₹42,449 crore. As per experts, at the current rate, unless the gems and jewellery segment see major growth in the next three quarters, electronics is likely to emerge as the country's third largest exporter, behind engineering goods and petroleum products by the end of FY 2023-24. The surge in electronics exports is led by mobile phones exports, which have shown tremendous growth following the government's announcement of the production-linked incentive (PLI) scheme in 2020.