NITI Aayog released a report on “Electronics: Powering India’s Participation in Global Value Chains (GVCs).”
Key Highlights of the Report:
Global and Indian Electronics Market:
- The global electronics market is valued at approximately US$ 4.3 trillion, with India’s market estimated at US$ 155 billion as of 2022.
- China dominates as the world’s largest electronics producer, accounting for 60% of global production.
India’s Electronics Export and Production Goals:
- India exports electronics worth about US$ 25 billion annually, which is less than 1% of the global share.
- The target is set for India to achieve US$ 500 billion in electronics production by 2030, which includes US$ 350 billion from finished goods and US$ 150 billion from components manufacturing.
Employment and Economic Impact:
- Projected growth in the electronics sector could create employment opportunities for approximately 6 million people.
Driving Factors for Growth:
- Increasing demand in developing countries due to rising broadband penetration.
- Efforts to diversify the supply chain beyond China, prompted by risks observed during the Covid-19 pandemic and ongoing trade tensions between China and the USA.
Ref: Source
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Frequently Asked Questions (FAQs)
What is the value of the global electronics market?
The global electronics market is valued at approximately US$ 4.3 trillion.
How much is India’s electronics market worth?
India’s electronics market is estimated at US$ 155 billion as of 2022.
What is China’s share in global electronics production?
China dominates as the world’s largest electronics producer, accounting for 60% of global production.
How much does India export in electronics annually?
India exports electronics worth about US$ 25 billion annually, which is less than 1% of the global share.