North News
Chandigarh,27th September
India’s electronics manufacturing sector has witnessed impressive growth, producing between 325 to 330 million mobile phones each year, according to the government’s announcement on Thursday. As per the Investment Guru,the sector employs approximately 1.2 million people nationwide, contributing to a surge in domestic production and exports. Electronics manufacturing in India has skyrocketed from Rs 1.9 lakh crore in 2014-15 to Rs 9.52 lakh crore in 2023-24, marking an annual compounded growth rate of 17.4%. Exports have also seen rapid expansion, growing 22.7% annually, and now stand at Rs 2.41 lakh crore, up from Rs 38,263 crore in 2014-15.
S. Krishnan, Secretary of the IT Ministry, highlighted the transformative impact of the electronics sector under the ‘Make in India’ initiative, launched a decade ago. Today, 99.2% of mobile phones sold in India are manufactured domestically, compared to only 26% in 2014-15. Exports have grown exponentially, with mobile phone exports alone reaching Rs 1.2 lakh crore in 2023-24, a 77-fold increase from Rs 1,566 crore in 2014-15. The government’s Production Linked Incentive (PLI) scheme for the mobile sector has surpassed targets, boosting production to Rs 6.61 lakh crore and generating over 1.22 lakh new jobs. India is also making strides in establishing a semiconductor manufacturing base, with major projects underway.
