Electronics export from India to cross ₹1.28 lakh crore next fiscal: MoS IT
"Electronics manufacturing as a whole, we see next year that we will at least do exports worth Rs 1.28 lakh crore. I have already said that we will see mobile phone exports reaching Rs 1 lakh crore in 2023-24," Chandrasekhar said.
There has been a focus on mobile phones because it is the fastest-growing segment in electronics across the world, he added.
"Value addition in manufacturing is a function of scale. First, you need to hit the scale. The component industry is the one which does value addition. Components will not come if the scale of manufacturing is not there. The next stage of our PLI is to get components PLI, hearable-wearable PLI and the IT server PLI," the minister said.
The government will do 100 per cent hand-holding of component players to boost the local ecosystem, he noted.
Electronics component makers' body ELCINA has requested the government to allocate USD 10 billion (about Rs 80,000 crore) for 8 years to boost manufacturing of electronic components and key modules other than semiconductors.
It has sought a four-year extension to the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), with an increased outlay of Rs 16,000 crore in the
According to ELCINA, the upgraded PLI will facilitate investments of around Rs 64,000 crore with a targeted output of USD 24 billion (about Rs 1.95 lakh crore) for all components other than semiconductors.
The industry body has also sought reinstatement of income tax relief for the investment made in research and development.
It has also asked for a PLI scheme with a focus on domestic electronics manufacturing services companies.
Popular on BI
- I took a new job in a remote location after my divorce. There aren't many people to date, but I'm happy staying single.
- Elon Musk hits out at viral videos of DINK couples, saying there's an 'awful morality' to those who choose not to have children
- Married couples often share high blood pressure, study shows
- 8 Irresistible seasonal snacks to warm your winter days
- Vijay Shekhar Sharma says 'Wed in India' is a good idea for its food options
- NCLAT stays CCI penalty on NTPC in Ratnagiri Gas & Power shares issue
- A Japanese Start-Up Is Testing a Rocket Powered Entirely By Rocket Fuel Created From Cow Dung!
- Amazon sues scammers for stealing millions of dollars via fake returns