India's Electronic Output Hits 3% of GDP Valued at USD 115 Billion

In the July 2024 monthly bulletin of the Reserve Bank of India (RBI), it was noted that India's electronic output has increased to 3% of its GDP in 2023-24. The bulletin also pointed out that the value of electronics manufactured has increased from USD 37 bn in 2015-16 to USD 115 bn in 2023-24.

"India's efforts to transform into a manufacturing powerhouse are already bearing fruit - electronics manufacturing. The value of electronics produced rose from USD 37 bn to USD 115 bn (3 per cent of GDP) between 2015-16 and 2023-24" said the report.

The RBI stated that India's goal in the near future is to triple electronic production by 2025-26. At present, India produces 3% of the world's electronics, a rate increasing faster than any other nation.

In the fiscal year 2023-24, India's exports of mobile phones amounted to USD 15.6 billion, with USD 1.5 billion being exported in April 2024. Apple now gets around 14% of its iPhones from India, which is twice as much as it did 12 months ago. Samsung, a competitor from South Korea, operates its biggest smartphone manufacturing plant in India.

Niti Aayog, in its report published on July 18th, emphasized that the worldwide electronics market is sizable, valued at USD 4.3 trillion, with China leading at 60 percent, Vietnam showing the fastest growth in the last ten years, and India's electronic production also rising quickly.