India's Electronics Production Soars to USD 101 Billion

India is poised to emerge as a top player in electronics manufacturing, with local production hitting $101 billion in FY23. This growth is fueled by sectors like mobile phones (43%), consumer electronics (12%), industrial electronics (12%), and auto electronics (8%).

"By FY 2027-28, the industry will require 12 million professionals - 3 million in direct roles and 9 million in indirect roles, yet a staggering skills gap of 10 million persists. Bridging this gap demands a robust focus on skill development, blending classroom learning with hands-on training through apprenticeships," said A.R. Ramesh, CEO of TeamLease Degree Apprenticeship.

He stated that expanding the apprenticeship ecosystem, which is currently increasing at a 55 percent compound annual growth rate and is expected to grow to 2 million apprentices by 2027 from 1 million, can establish a consistent talent pool to fulfill industry requirements.

The electronics manufacturing sector is experiencing significant growth, driven by Prime Minister Narendra Modi's goal of turning the country into a $500 billion electronics manufacturing center by 2030. With the industry expanding into fields like communication and broadcast electronics, consumer electronics, industrial electronics, and aerospace and defense electronics, the need for specialized expertise has increased.

The increasing demands for items such as semiconductors and electromechanical parts are making this challenge even more difficult. With India's electronics industry experiencing rapid expansion, it is expected to generate 12 million (1.2 crore) jobs with a CAGR of 25-30 per cent. According to a report from TeamLease Degree Apprenticeship, estimates show that 12 million jobs will be generated, with 3 million being direct roles and 9 million being indirect positions.