Indian Economy News

Exports of Electronic Goods sees a jump of 88% since 2013-14

India's electronic goods sector's main exports include mobile phones, IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, and car electronics and has increased over 88% to US$ 12,400 million in 2021. India's merchandise exports climbed by 23.69% to US$ 34.06 billion in January 2022.   India's merchandise exports increased by 46.53% to US$ 335.44 billion in 2021-22 (April-January).

The National Policy on Electronics (NPE 2019) intends to establish India as a worldwide hub for Electronics System Design and Manufacturing (ESDM) by supporting and pushing key component development capabilities in the country and creating an enabling environment for the industry to compete globally. Large Scale Electronics Manufacturing, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), the Modified Electronics Manufacturing Clusters Scheme (EMC 2.0), and the Small Scale Electronics Manufacturing are the four Production Linked Incentive Scheme (PLI) schemes established.

 An export monitoring desk has been established to assist in the removal of barriers, restraints, and bottlenecks that the export sector has encountered, particularly during the epidemic. The Department of Commerce is also reviewing various Acts to eliminate redundancy and outdated sections. Several bilateral trade agreements are being aggressively pursued. Through efforts such as One District One Product, the government is committed to making each district in India an export powerhouse (ODOP). Efforts are being made to reduce the burden of compliance through rationalisation and decriminalisation, as well as a number of programmes aimed at improving the convenience of doing business. An IT-based infrastructure is being developed to provide exporters with licencing and to handle their complaints. The government is also striving to strengthen the value of Indian export branding in order to improve India's global reputation as a trusted supplier, as well as taking aggressive actions to align the country with the global value chain.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.