NewDelhi: With its focus on electronics trade, India has set itself to beat China, not in the war but in trade, especially in the electronics sector. India intends to be seen as an attractive alternative to China by increasing and exporting items like the Apple iPhone.
Along the lines of the substantial progress made, India’s electronics industry is expected to rise from 15% to a range of $135 billion and $140 billion in the fiscal year 2024-25, on the back of exports. In the period of April to December 2024, the data suggests that the electronic exports reached the figure of ₹2.20 lakh crore; now, the expectations go to ₹3.25 lakh crore, which will be the end of the fiscal year target.
This translates to a whopping 45% increase in the total exports for the year, compared to the ₹2.23 lakh crore the last year. Mobile phone exports are one of the most important components of this sector. During April to December 2024, mobile exports were ₹1.25 lakh crore, and forecasts indicate they will jump to ₹1.75 lakh crore in FY25, exceeding the previous year’s figure of ₹1.29 lakh crore. This signifies an astonishing annual growth of around 35%.Locally, the market for consumer electronics remains pretty much steady, as the domestic demand for the electronics export has been healthy.
This demonstrates that the pace at which the local market is developing has been different. In case this continues, the electronics sector in India might have to counter the upcoming problems. The electronics manufacturing sector contained an ambitious target of Narendra Modi’s to hit the ₹40 lakh crore mark by 2030.
Ticking this box would mean an annual growth rate of 27.7%, but it is predicted that FY25 will increase by only 15%.While India is bent on expanding electronics manufacturing, it is not only about decreasing the trade deficit with China but is also about ensuring a foothold in global markets. The ongoing creations are a strategy shift toward self-sufficiency and competition against the Chinese hegemony in several areas.
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