New Delhi, Dec 26 (IANS): Electronics goods have emerged as the fastest-growing segment in India's export basket as new manufacturing capacities have come up in the country driven by the success of the Centre's production-linked incentive (PLI) scheme.
The country's electronic exports jumped by a robust 27.4 per cent to $22.5 billion in April-November of 2024-25, from $17.66 billion during the same period in 2023-24.
Electronic goods have moved up to third position among the top performers in India's export sector, next only to engineering products and petroleum, from sixth slot last year.
Within the electronics sector, smartphone exports have recorded a 45 per cent increase in exports as leading players such as Apple and Samsung expand production in the country. The PLI scheme and quick clearances by the government are proving to be a major success as global giants look beyond alienated China to set up alternative supply chains.
Apple's entry into India, supported by its vendors Foxconn, Pegatron, and Tata Electronics, has boosted smartphone exports this year. Exports of consumer electronics, solar modules, desktops, and routers have also recorded significant growth.
Electronics exports are expected to further accelerate ahead as semiconductor manufacturing capacities are now being set up in the country, a senior official said.
The Union Cabinet had recently approved a proposal by Kaynes Semicon to set up a semiconductor unit in Sanand, Gujarat, with an investment of Rs 3,307 crore. This is the fifth semiconductor unit to be approved under the India Semiconductor Mission (ISM), and the second to be set up in Sanand. It brings the total investment to Rs 1,52,307 crore ($18.15 billion).
The government launched the ISM and the display manufacturing ecosystem with an outlay of Rs 76,000 crore in December 2021. Minister for Electronics Ashwani Vaishnaw has termed the semiconductor industry a "foundational industry" for India's domestic manufacturing goals.
Electronics manufacturing in India crossed the $100 billion market in March 2024, which was $49 billion in 2017, reflecting the rapid pace at which the industry is growing, a senior official added.