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Statistics, news & updates: everything you need to know about the Electronics & Electrical Industry in India
In the event that with 100% FDI in electronics and IT hardware production and Electronic Systems Design & Manufacturing, the Indian Government clearly wants to accelerate the Electronics and Electrical Industry. Moreover, as India has a large pool of Engineers, many companies have already shifted their production to India or source labour from India. As a consequence, the Indian Government is currently supporting skill development in Electronics System Design & Manufacturing.
With this in mind, a scheme under which 1,86,000+ candidates have already been trained. That being the case, the Government also wants to create new manufacturing hubs with special incentives for producers. Nevertheless, the electronic market will increase with a CAGR of 41.4% from $ 100 Billion in 2016 to $ 400 Billion in 2020. Subsequently, the Government’s ‘Make in India’ and ‘Digital India’ programs surge opportunities for foreign companies looking to invest in India. Besides these, schemes like M-SIPS (Modified Special Incentive Package Scheme) and EDF (Electronic Development Fund) also attract foreign investors.
The electronics industry in India has suffered challenges on both supply and demand-side because of the pandemic. It is estimated that sales have declined to 6-7% in 2019-20.
Between April 2020 and December 2020, exports of electronic goods stood at US$ 8.77 billion. Despite the pandemic, the government aims to bolster Make in India and reduce its dependency on imports can be seen from its allocation of Rs. 2,631.32 crore (US$ 361.50 million) to promote electronics and IT hardware manufacturing programs (Modified Special Incentive Package Scheme (M-SIPS), Electronics Development Fund (EDF), and Manufacturing Clusters).
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