India’s electronics manufacturing industry is targeting $500 billion in local manufacturing by FY30, aiming to be a top global exporter. Government’s production-linked incentive schemes have boosted growth, overcoming challenges like raw material scarcity.
India’s electronics manufacturing industry is on a rapid growth trajectory, with a target to reach $500 billion in local manufacturing by FY30. This ambitious goal is underpinned by a strategic focus on export growth, with the industry aiming to emerge as one of the top three global exporters in this domain by 2030. The industry’s growth has been remarkable, with production increasing from Rs 1.9 lakh crore in 2014-15 to Rs 9.52 lakh crore in 2023-24, marking an annual compounded growth rate of 17.4%.
The government’s production-linked incentive (PLI) schemes have played a crucial role in this growth, incentivizing manufacturing and attracting investments. The government has exceeded the overall production target, reaching Rs 6.61 lakh crore as the total value of production and investment of Rs 9,100 crore, well above the investment target.
