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Latest World News Update > Blog > Business > India’s electronic manufacturing may reach USD 500 bn by 2030: CII report – World News Network
Business

India’s electronic manufacturing may reach USD 500 bn by 2030: CII report – World News Network

worldnewsnetwork By worldnewsnetwork Last updated: June 23, 2024 3 Min Read
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New Delhi [India], June 23 (ANI): India needs to take critical actions to transform its electronic sector ecosystem from an ‘import dependent assembly led manufacturing’ to ‘component level value-added manufacturing’, highlights a report by Confederation of Indian Industry.
As per the Report, in 2023, the demand for components and sub-assemblies stood at USD 45.5 billion to support USD 102 billion worth of electronics production. This demand is expected to scale to USD 240 billion to support the USD 500 billion worth electronics production by 2030.
The priority components and sub-assemblies including PCBAs (Printed Circuit Board Assembly), are projected to grow at a robust CAGR (Compounded Annual Growth Rate) of 30 per cent, reaching USD 139 billion by 2030.
The report also recommended the government to take key actions including a scheme to provide fiscal support, SPECS 2.0 (Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors) to be introduced, import tariffs on components like camera modules to be rationalized, and sign FTAs with European and African countries.
The Report identifies 5 priority components/sub-assemblies of batteries (lithium-ion), camera modules, mechanicals, displays, and PCBs (Printed Circuit Board) which are categorized as high priority for India. They cumulatively accounted for 43 per cent of the components demand in 2022 and are expected to grow to USD 51.6 billion by 2030.
These components have either nominal production in India or are heavily import-dependent. India can hardly afford to sustain this trend of importing the priority components. Similarly, PCBA is a high potential category for India since most of the demand is met by imports. This segment is expected to grow by 30 per cent, leading to a demand creation of around USD 87.46 billion by 2030.
However, manufacturing-related cost disabilities vis-a-vis other competing economies like China, Vietnam, and Mexico (10-20 per cent), lack of big domestic manufacturing corporations, lack of domestic design ecosystem for Indian companies, and lack of raw materials ecosystem add to the challenges that disable the domestic manufacturing of components and sub-assemblies in India.
According to the report, these policy supports will help in various economic benefits arising from the development of the components and sub-assemblies ecosystem in India. Job creation to the tune of approx. 2.8 lakhs by 2026, increase in domestic value addition from the current levels, reduction in import dependency, and increase in GDP, all leading to firmly positioning India as a global hub for electronics manufacturing. (ANI)

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Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

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Latest World News Update > Blog > Business > India’s electronic manufacturing may reach USD 500 bn by 2030: CII report – World News Network
Business

India’s electronic manufacturing may reach USD 500 bn by 2030: CII report – World News Network

worldnewsnetwork By worldnewsnetwork Last updated: June 23, 2024 3 Min Read
SHARE

New Delhi [India], June 23 (ANI): India needs to take critical actions to transform its electronic sector ecosystem from an ‘import dependent assembly led manufacturing’ to ‘component level value-added manufacturing’, highlights a report by Confederation of Indian Industry.
As per the Report, in 2023, the demand for components and sub-assemblies stood at USD 45.5 billion to support USD 102 billion worth of electronics production. This demand is expected to scale to USD 240 billion to support the USD 500 billion worth electronics production by 2030.
The priority components and sub-assemblies including PCBAs (Printed Circuit Board Assembly), are projected to grow at a robust CAGR (Compounded Annual Growth Rate) of 30 per cent, reaching USD 139 billion by 2030.
The report also recommended the government to take key actions including a scheme to provide fiscal support, SPECS 2.0 (Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors) to be introduced, import tariffs on components like camera modules to be rationalized, and sign FTAs with European and African countries.
The Report identifies 5 priority components/sub-assemblies of batteries (lithium-ion), camera modules, mechanicals, displays, and PCBs (Printed Circuit Board) which are categorized as high priority for India. They cumulatively accounted for 43 per cent of the components demand in 2022 and are expected to grow to USD 51.6 billion by 2030.
These components have either nominal production in India or are heavily import-dependent. India can hardly afford to sustain this trend of importing the priority components. Similarly, PCBA is a high potential category for India since most of the demand is met by imports. This segment is expected to grow by 30 per cent, leading to a demand creation of around USD 87.46 billion by 2030.
However, manufacturing-related cost disabilities vis-a-vis other competing economies like China, Vietnam, and Mexico (10-20 per cent), lack of big domestic manufacturing corporations, lack of domestic design ecosystem for Indian companies, and lack of raw materials ecosystem add to the challenges that disable the domestic manufacturing of components and sub-assemblies in India.
According to the report, these policy supports will help in various economic benefits arising from the development of the components and sub-assemblies ecosystem in India. Job creation to the tune of approx. 2.8 lakhs by 2026, increase in domestic value addition from the current levels, reduction in import dependency, and increase in GDP, all leading to firmly positioning India as a global hub for electronics manufacturing. (ANI)

Contents
WORLD MEDIA NETWORKPRESS RELEASE DISTRIBUTIONPress releases distribution in 166 countriesPress releases in all languagesPress releases in Indian LanguagesIndia PackagesEurope PackagesAsia PackagesMiddle East & Africa PackagesSouth America PackagesUSA & Canada PackagesOceania PackagesCis Countries PackagesWorld Packages

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

sponsored by

WORLD MEDIA NETWORK


PRESS RELEASE DISTRIBUTION

Press releases distribution in 166 countries

EUROPE UK, INDIA, MIDDLE EAST, AFRICA, FRANCE, NETHERLANDS, BELGIUM, ITALY, SPAIN, GERMANY, AUSTRIA, SWITZERLAND, SOUTHEAST ASIA, JAPAN, SOUTH KOREA, GREATER CHINA, VIETNAM, THAILAND, INDONESIA, MALAYSIA, SOUTH AMERICA, RUSSIA, CIS COUNTRIES, AUSTRALIA, NEW ZEALAND AND MORE

Press releases in all languages

ENGLISH, GERMAN, DUTCH, FRENCH, PORTUGUESE, ARABIC, JAPANESE, and KOREAN CHINESE, VIETNAMESE, INDONESIAN, THAI, MALAY, RUSSIAN. ITALIAN, SPANISH AND AFRICAN LANGUAGES

Press releases in Indian Languages

HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages

Email - support@worldmedianetwork.uk
Website - worldmedianetwork.uk

India Packages

Read More

Europe Packages

Read More

Asia Packages

Read More

Middle East & Africa Packages

Read More

South America Packages

Read More

USA & Canada Packages

Read More

Oceania Packages

Read More

Cis Countries Packages

Read More

World Packages

Read More
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Previous Article Agreements signed today show breadth of our ties: Jaishankar on MoUs during Bangladeshi PM’s visit – World News Network
Next Article Sonakshi-Zaheer Reception: Bride’s parents Shatrughan, Poonam Sinha arrive in style, happily poses – World News Network
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July 7, 2025
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July 7, 2025
JJ Valaya, Falguni Shane Peacock, Tarun Tahiliani to showcase their exquisite collection at India Couture Week 2025 – World News Network
July 7, 2025

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