The government expects the Indian electronics manufacturing sector to grow to around USD 300 billion (about Rs 22.5 lakh crore) by 2024-25, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Friday.
Speaking at an event by the Public Affairs Forum of India (PAFI), the minister said the government is looking beyond devices and communication, with expansion plans looking at equipment and systems, and further to automotive and medical equipment.
Chandrasekhar said in 2014-15, the electronics production in the country was about Rs 1.8 lakh crore which grew to Rs 5.5 lakh crore in five years. Electronics is the second largest traded commodity after hydrocarbons and petroleum, he noted. "We were marginal players for decades but we have grown on the back of very precise policy action...," Chandrasekhar said.
He further said in the USD 1.5 trillion global electronics market where there is clamour for a diversified and trusted supply chain, the government has now decided that India should be a significant player in that space. "Our ambitions are reasonable. We believe that by 2024-25, we want to be at about USD 250-300 billion worth of electronics manufacturing in India," Chandrasekhar said.
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The national electronics policy had set a target to create a USD 400 billion electronics manufacturing ecosystem by 2025. The minister also said India will be a very significant provider of trusted goods and services to the global market. He said at some point, in the not so distant future, India will have the ability to manufacture semiconductors as well.