₹24,500 billion) by FY26, with electronics exports expected to hit $120 billion by then. These projections depend on India gradually reducing its dependence on electronics imports. At present, India fulfills a majority of its electronic needs through imports.
However, the government's push for indigenous manufacturing, in tandem with the ‘China +1’ strategy, is likely to drive a transition to domestic manufacturing. A rising middle class, higher disposable incomes, and the rapid adoption of digital technologies are just some of the factors fueling the growth of the consumer-electronics market. We’re already seeing early signs of a shift, with an increase in electronic exports.
In 2022 electronics exports grew at an annual growth rate of 13%, the highest in the past six years. The sector is at a critical juncture, presenting investors with an excellent opportunity to capitalise on massive growth. Syrma SGS Technologies, a leading player in the EMS sector, is well-poised to benefit from this trend.
The company offers a wide range of electronics to a well-diversified set of industries, with the consumer (32% of revenues in financial year 2023) and automotive (20%) sectors contributing a large chunk to the topline. The company also caters to the industrial (31%), railways, IT sectors (9%) and healthcare (8%) segments. Within the consumer segment, Syrma SGS Technologies pioneered the manufacturing of radio-frequency identification (RFID) products in India and holds a leadership position.
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