Electronic goods exports up 49% in April-December 2021, says govt
- IBEF
- January 28, 2022
Electronic goods exports increased by 49% to US$ 11 billion in April-December 2021, compared to US$ 7.4 billion in the same period the previous year, according to the commerce ministry. According to the report, the top five export destinations were the United States, the United Arab Emirates, China, the Netherlands, and Germany.
Mobile phones made up a significant portion of electronic goods shipments. IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, vehicle electronics, components, LED lighting, and telecom equipment all saw excellent growth.
Exports are expected to reach US$ 11.11 billion in 2020-21. "The sector is set to break all-time record highs, far exceeding the previous high US$ 11.7 billion recorded in 2019-20," the ministry added.
The Production Linked Incentive Scheme (PLI), Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), and Modified Electronics Manufacturing Clusters are examples of government initiatives that are expected to boost local manufacturing and exports. The second volume of a five-year roadmap and vision document for the sector was recently released by the Ministry of Electronics and Information Technology.
The document lays out a five-year plan to turn India from a US$ 75 billion electronics manufacturing powerhouse to a US$ 300 billion electronics manufacturing powerhouse. Exports of electronic items are likely to rise from US$ 15 billion in 2021-22 to US$ 120 billion by 2026, according to the report.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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