Meity Targets $500B Electronics Goal: PLI Scheme & Roadmap Key

India aims to achieve $500 billion in electronics production by 2030, according to a detailed strategy being finalized by the Ministry of Electronics and Information Technology (Meity). This ambitious target, announced by Prime Minister Modi, seeks to significantly boost India’s share in global electronics manufacturing.

Meity, in collaboration with the Indian Cellular and Electronics Association (ICEA) and Bain & Company, is developing a comprehensive roadmap. Key initiatives include a Production Linked Incentive (PLI) scheme for electronic components with a budget exceeding Rs 40,000 crore.

The strategy will focus on key segments like mobile phones, consumer electronics, and IT hardware, aiming to increase India’s global market share. For instance, mobile phone production is projected to double to $120 billion. However, India faces challenges in areas like IT hardware and wearables, where its current share is minimal.

While electronics exports have surged in recent months, India lags behind major competitors like China and Vietnam. The government’s strategy aims to address these challenges and position India as a global leader in electronics manufacturing.

Source : https://www.business-standard.com/industry/news/meity-targets-500-bn-electronics-production-by-2030-with-detailed-strategy-125010300792_1.html