Electronics has emerged as the country's fifth largest export commodity, growing at an impressive rate of 23% annually, according to Ministry of Electronics and Information Technology (MeitY) Additional Secretary Mr. Bhuvnesh Kumar. He noted that electronics manufacturing in India surpassed the US$ 100 billion mark in March 2024, up from US$ 49 billion in 2017. At the launch of the indigenously built Tyronne AMD servers by Netweb Technologies, He revealed that India achieved US$ 30 billion in electronics exports last year, highlighting the sector's rapid growth and its significant contribution to the economy.
Ministry of Electronics and Information Technology (MeitY) Additional Secretary Mr. Bhuvnesh Kumar expressed optimism that India's net revenue from electronic exports will become positive in the coming years, especially with the commencement of local semiconductor production. He pointed out that the country's trillion-dollar digital economy includes US$ 400 billion from electronics manufacturing, with mobile phones contributing 43%, consumer electronics 12%, automotive 8%, strategic sectors 5%, and IT hardware 4%. He also announced plans for the second version of the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) under the production-linked incentive scheme, emphasizing the potential for substantial growth in IT hardware manufacturing.
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