Meity targets US$ 500 bn electronics production by 2030 with detailed strategy

The government, under the aegis of the Ministry of Electronics and Information Technology (Meity), has taken on board Indian Cellular and Electronics Association (ICEA) and consultancy firm Bain & Company to finalise a detailed strategy report for the country to hit an ambitious production value of US$ 500 billion in electronics by 2030. The report is expected to be released by Communications Minister Ashwani Vaishnaw in the next few days, said sources in the know. The ambitious vision for electronics was announced by Prime Minister Narendra Modi a few months ago. In July 2024, Niti Aayog came out with a study on how to power India’s participation in the global value chain (GVC) of electronics in which it envisioned that India could reach the magic number, with at least US$ 200 billion coming from exports wherein both finished goods and components would play a major role. It also expected that this would lead to generating 5.5-6 million jobs.

The study also suggested policy interventions to make the target reality across various areas. Now, Meity is in the final stages of putting together a production linked incentives (PLI) scheme for electronic components, with a budgetary allocation of over Rs. 40,000 crore (US$ 4.68 billion) to build a vibrant supply chain of components not only for the domestic market but also for exports across the world. Based on discussions on the specific road map to achieve the target, the upcoming report is expected to break down the target across various segments of electronics, which include mobile devices, consumer electronics, auto electronics, telecom electronics, IT servers, hearables and wearables, and medical electronics. The aim under discussion is to bring India’s share in global electronics production value to 6-7% by 2030.

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