India is set to achieve overall electronics<\/a> manufacturing of $300 billion by FY26. As per data from industry body India Cellular and Electronics Association (ICEA<\/a>), electronics worth roughly $87 billion were manufactured locally in FY22, which is expected to grow to $100 billion in FY23.
Mobile phone exports<\/a> have already raced past the $5 billion mark in the first seven months (April-October) of FY23, more than double the $2.2 billion that India clocked in the same period last year, as the likes of Apple<\/a> and Samsung<\/a> pushed exports<\/a>. The development of an ecosystem for electronics manufacturing and a subsequent rise in exports are primarily being led by the production-linked incentive (PLI<\/a>) schemes.
\"Early on in 2021, we sat with the industry and worked out this $300 billion roadmap,\" Rajeev Chandrasekhar, minister of state for electronics and IT, told ET.
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\"One of the key things of the target was significantly expanding exports to go from the current $18-20 billion to $120 billion by FY26. This fiscal, mobile phone exports are expected to reach $9 billion,\" the minister said.
In the $120 billion electronics exports targeted by FY26, mobile phones could account for $60 billion.
According to industry data, the export of electronics goods in the April-September period grew 54% to $10.2 billion from $6.5 billion in FY22.