The Indian electronics manufacturing industry is expected to see 30 percent growth in the next fiscal worth nearly Rs 7 lakh crore.
The Meity has proposed a PLI scheme of about Rs 22,000 crore to promote wearables as well as enhance incentives for IT hardware manufacturers in the next financial year as it aims to increase electronics exports from India by 50 percent.
“The value addition from local manufacturing units is expected to go up to 25 per cent next year from 18 per cent at present. The government is aiming to grow overall electronics production in the country by 30 per cent to over Rs 6.9 lakh crore next year,” a senior Meity official said.
The Government is continuously making efforts to move up in the global electronics supply chain and is expected to come up with new policies and incentive schemes for wearables and IT hardware. Some of the challenges are mainly electronic chips and potential threats from the coronavirus pandemic.
India Cellular and Electronics Association Chairman Pankaj Mohindroo said, “The government has already introduced a significant measure in PLI wherein under the USD 200 (about Rs 15,000) segment is reserved for Indian companies. A slew of other support measures is also being planned and we are sure that not only will Indian companies have a share of the domestic market but they will also emerge as global champions at least in the entry level segment.”