Domestic electronics manufacturing up 4-fold to Rs. 8.22 lakh crore (US$ 98.6 billion) in FY23: Ministry of State for Electronics and IT

Domestic electronics manufacturing in India has witnessed a remarkable four-fold increase, totalling Rs 8.22 lakh crore (US$ 98.6 billion) over the last decade. Minister of State for Electronics and IT, Mr. Rajeev Chandrasekhar, highlighted in the Lok Sabha that the nation has reached a noteworthy milestone, with 99.2% of mobile handsets used domestically now being manufactured within the country. This significant shift signifies India's transformation from an importer to an exporter in the electronics sector.

In FY 2013-14, electronics manufacturing in India amounted to Rs. 1,80,454 crore (US$ 21.6 billion). Fast forward to FY 2022-23, and this figure has significantly surged to Rs. 8,22,350 crore (US$ 98.64 billion), projected to further grow to Rs. 23,95,195 crore (US$ 287.31 billion) by 2026, according to the Minister. He highlighted the nation's evolving status and noted that India exported mobile phones worth US$ 11.1 billion in the fiscal year 2022-23. This marks a substantial shift from being a predominantly mobile-importing country in 2014-15, where almost 74% of all mobile phones sold in India were imported. Furthermore, the electronics sector has been a significant job creator, with approximately 2.5 million direct and indirect jobs. Industry estimates suggest that this number is poised to reach 10 million jobs by 2025-26, reflecting the sector's robust growth and job creation potential.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.