Thanks to government support and growing demand, India is strengthening its position as a global centre for electronics manufacturing
Electronics manufacturing in India is expected to grow significantly and could reach around US$330 billion by the 2027-28 financial year. These forecasts are contained in a report by Antique Stock Broking. According to the document, the industry will demonstrate impressive growth rates – an average of 27 per cent per year from 2023 to 2028. This is reported by ANI, a partner of TV BRICS.
The report emphasises that this growth is supported by government measures, including production incentive programmes, as well as growing demand for electronics in various sectors – from industry to everyday life.
The total volume of the Indian electronics market (including imports) is projected to reach about US$350 billion by 2028, corresponding to an average annual growth rate of 21.5 per cent. At the same time, domestic consumption of electronics is expected to grow from approximately US$110 billion to US$215 billion, while exports could rise from US$29 billion to more than US$130 billion, representing an almost fourfold increase.
Experts note that the COVID-19 pandemic has prompted India to actively develop its own production capacities. Among the country’s key advantages are a young and skilled workforce, competitive labour costs, and strong engineering and design capabilities.
In addition, India is gaining weight not only as a manufacturing hub but also as a centre for electronics design. More and more Indian companies are moving from simple assembly to providing full-cycle services, including design development, which allows them to achieve higher margins and strengthen their position in the global market.
Photo: iStock-
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