Modi 3.0: PM Narendra Modi To Cement Goal of Bolstering USD 300 Billion Electronics Manufacturing, Says Report
“Together, the industry and the government are working on a well-settled vision of scaling electronics manufacturing, including more than $100 billion of mobile phones. Modi 3.0 will cement this vision and achieve it sooner rather than later,” he said.
New Delhi, February 22: The industry and the government are working to scale electronics manufacturing in India towards meeting the $300 billion goal in the next few years and Prime Minister Narendra Modi 3.0 will cement this vision in the next five years, the nation’s apex industry body of mobile and electronics industry ICEA told IANS on Thursday.
The government’s strategy to reach the $300 billion level in production of electronics from the current level of about $75 billion is built on broadening and deepening electronics manufacturing in the country. Pankaj Mohindroo, Chairman, ICEA, said that emerging industries like cells, printed circuit boards (PCBs), display and semiconductors etc will also develop strong foundations in the next few years. Indian Government Planning To Have Three to Four Semiconductor Fabrication Plants in Next Five Years, Says Union Minister Ashwini Vaishnaw.
“Together, the industry and the government are working on a well-settled vision of scaling electronics manufacturing, including more than $100 billion of mobile phones. Modi 3.0 will cement this vision and achieve it sooner rather than later,” he said. India has become the second-largest manufacturer of mobile phones in the world (in volume terms).
According to latest government figures, “The export of mobile phones has also increased from an estimated Rs 1,566 crore in 2014-15 to an estimated Rs 90,000 crore in 2022-23, making an impressive increase in exports by more than 5,600 per cent.” AI Adoption: 80% of Respondents in Survey Expect Widespread Adoption of Artificial Intelligence and Compliance Within Next Five Years, Says Report.
After the success of the Production Linked Incentive (PLI) scheme for mobile phones, the government is expecting that PLI for IT hardware and servers will lead to expanding the investments in the component ecosystem in the country to develop the supply chain. “Verticals other than mobile phones will also come into their own, like IT hardware manufacturing which is expected to cross $15 billion by 2029,” said the ICEA Chairman.
(The above story first appeared on LatestLY on Feb 22, 2024 02:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).