Business
India's Domestic Production Of Electronic Items Likely To Reach Rs 8.42 Lakh Crore In FY23
Electronics manufacturing in India.
India's domestic production of electronic items in the financial year 2022-23 is likely to exceed Rs 8.4 lakh crore, the government has informed the Parliament.
In a written reply to a question in the Lok Sabha, Union Electronics and IT Minister Ashwini Vaishnaw said that the government has taken several measures for the expansion of electronics manufacturing in the country.
"As a result, the domestic production of electronic items has increased substantially from Rs 3.17 lakh crore in FY2016-17 to Rs 6.40 lakh crore in FY 2021-22 at a Compound Annual Growth Rate (CAGR) of 15 per cent," he added.
"The domestic production of electronic items is expected to reach Rs 8.42 lakh crore in the current FY2022-23 as compared to Rs 6.40 lakh crore in FY 2021-22 and is targeted to reach $300 billion by 2025-26," the minister said.
He further informed that the export of electronic goods from India has increased from Rs 39,978 crore in FY2016-17 to Rs 109,797 crore in FY2021-22, exhibiting CAGR of 22.39 per cent.
"India's electronic exports is expected to reach INR 1.76 lakh crore (USD 22 Bn) in the current FY2022-23 as compared to INR 1.09 lakh crore (USD 14.6 Bn) in FY 2021-22," the minister added.
Vaishnaw said that the global exports of electronic goods from major manufacturing economies including China, Vietnam, Mexico, Taiwan, Korea, Japan, USA and Germany is around $1.5 trillion out of the global exports of $2.5 trillion, which includes a lot of re-exports.
"India's share of global exports has increased from the last year of 1.2 per cent to approximately 1.8 per cent in the current year," he added.
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