Electronics Component Mfg Progress Low

Indigenous electronics production increased multifold in the last 10 years to reach Rs 9.52 lakh crore in 2023-24, the Economic Survey said, but pointed out that the industry has largely focused on assembly, making limited progress in design and component manufacturing.

However, India's electronics market represents 4 per cent of the global market, the survey said, "Programmes such as Make in India and Digital India, along with improved infrastructure, ease of doing business, and various incentives, have boosted domestic manufacturing and drawn foreign investments. "However, India's electronics market represents 4 per cent of the global market.

The industry has largely focused on assembly, with limited progress in design and component manufacturing," the survey said. According to the survey, domestic production of electronic goods has increased substantially from Rs1.90 lakh crore in FY15 to Rs 9.52 lakh crore in FY24, registering a compound annual growth rate (CAGR) of 17.5 per cent.

The increase in mobile manufacturing has reduced dependence on imports with 99 per cent of the total smartphone requirement being produced indigenously, according to the survey. The country produced about 33 crore mobile phone units, with over 75 per cent of the models being 5G-enabled in FY24.