India Eyes USD 50,000 Cr Electronics Boom by 2030

India has a set target of raising its electronics manufacturing to USD 50,000 crore by 2030, with a focus on generating electronic components valued at USD 1,500 billion. For the fiscal year 2024, India brought in electronics and telecom equipment worth USD 8,980 crore, with more than half of these imports originating from China and Hong Kong, as reported by a private research group.

In the last six years, India has seen its electronics manufacturing output increase by more than two times, reaching around USD 11,500 crore in 2024. The expansion of mobile manufacturing operations in the country has primarily been fueled by major companies like Apple and Samsung. India is currently acknowledged as the fourth biggest provider of smartphones worldwide.

The electronics sector has faced backlash for its heavy dependence on imported components, mainly from China. In order to tackle this problem, the new plan will offer rewards for the manufacturing of crucial components such as printed circuit boards. This decision aims to increase local production and establish more robust supply chains for various electronic items.

The plan is set to launch within the next two to three months and will provide monetary assistance to international and domestic firms that fulfill specific requirements. The electronics ministry of India is currently finalising the details of the plan, and approvals from the finance ministry are expected soon.
IPO.