India Gears Up For Becoming Electronics Manufacturing Powerhouse, Eyes $300 Billion Worth Local Production By FY26
With a target of achieving local electronics production worth $300 billion over the next four years, India is gearing up for boosting its presence in the electronics manufacturing sector to take on the likes of China and Vietnam, reports Times of India.
Out of the targeted manufacturing of $300 billion, about $120 billion will be reserved for exports.
Union Electronics and IT Minister Ashwini Vaishnaw on Monday (24 January) launched a five-year roadmap and Vision Document for the electronics sector , titled “$300 Billion Sustainable Electronics Manufacturing & Exports by 2026.” This roadmap is the second volume of a two-part Vision Document – the first of which titled “Increasing India’s Electronics Exports and Share in GVCs” was released in November 2021.
According to the report, the government plans to give scale to electronics manufacturing that would lead to creation of strong supplier eco-system, massive employment opportunities, and global servicing.
The plan includes broadening of product-basket for incentives; specially crafted large industrial zones with modern facilities; and permissions for factories that may hold up to as many as 1 lakh workers with dormitories, kitchens, medical set-ups, and housing complexes.
The government will also roll-out new incentive schemes for local manufacturing of electronics items including hearables and wearables, industrial and auto electronics, and telecom equipment.
Apart from global players including Foxconn, Wistron and Samsung, the Centre reportedly wants the domestic players like Dixon, Lava and Optiemus to play major roles in making India an electronics manufacturing hub.
Union Minister Ashwini Vaishnaw said that ministry is identifying land for building vast integrated manufacturing zones (going up to as much as 1,000 acres) with all requisite facilities such as land, power, roads, and connectivity built-in, much in line with what’s allotted in China and Vietnam.
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