India’s electronics and electrical industry is on a remarkable growth trajectory, with an ambitious target to boost exports to ₹8,68,700 crore (US$ 100 billion) over the next five to seven years. This vision, outlined by Union minister of Commerce & industry Mr. piyush Goyal, reflects the sector’s evolution into a key player in global trade.
From 167th to a Leading Exporter
The rise of India's electronic goods exports has been nothing short of extraordinary. In 2015, the country ranked 167th in the world for electronic exports. Today, electronics have become India's second-largest export category, a testament to the government’s strategic initiatives and industry efforts. The numbers speak for themselves—January 2024 alone saw exports touch ₹26,061 crore (US$ 3 billion), signaling strong momentum in the sector.
A Call for Resilient Supply Chains and Global Competitiveness
Speaking at the 16th Edition of ELECRAMA, an event organized by the indian Electrical and Electronics Manufacturer’s Association (IEEMA), Mr. Goyal emphasized the importance of strengthening supply chains, enhancing quality standards, and ensuring globally competitive pricing. These factors, he noted, are essential for india to maintain its upward trajectory in manufacturing and exports.
Striking a Balance: Protectionism vs. Global Trade
A key highlight of Mr. Goyal’s address was his call for a balanced trade approach. While protective measures can shield domestic industries, excessive restrictions may backfire by limiting consumer choices and stifling innovation. Instead, he urged industry leaders to work collaboratively, ensuring that policies foster both the growth of Micro, Small, and Medium Enterprises (MSMEs) and consumer affordability.
The Road Ahead
India's journey toward becoming a global electronics and electrical manufacturing hub is well underway. With a focus on robust supply chains, international quality benchmarks, and competitive pricing, the sector is poised to play a crucial role in the country's economic expansion. As the government and industry stakeholders join forces, the goal of US$ 100 billion in exports appears not just achievable but inevitable.
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