India's Electronics Export Booms: USD 100 Billion Milestone

India's electronics exports have surged, making electronics the fifth largest export commodity. As of March 2024, the electronics manufacturing sector has reached a market value of USD 100 billion. A senior official detailed these developments and announced a new incentive scheme to further boost the industry.

India's electronics export sector has become a significant player, now ranking as the country's fifth largest export commodity, according to a senior official at the Ministry of Electronics and IT.

As of March 2024, the market value of electronics manufacturing in India has surged to USD 100 billion, up from USD 49 billion in 2017. Bhuvnesh Kumar, Additional Secretary in the ministry, revealed these figures during the launch of Netweb Technologies' indigenously-built Tyronne AMD servers.

The growth rate of electronics exports is currently at 23 percent annually, with last year's exports totaling USD 30 billion. Kumar also expressed optimism about positive net revenue from electronic exports in the future, driven by local semiconductor production. He highlighted the significant contributions from various sectors, including mobile phones and consumer electronics, and announced the upcoming launch of the second version of the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) under the production-linked incentive scheme.

(With inputs from agencies.)