India's domestic production of electronic items in the financial year 2022-23 is likely to exceed Rs 8.4 lakh crore, the government has informed the Parliament.
In a written reply to a question in the Lok Sabha, Union Electronics and IT Minister Ashwini Vaishnaw said that the government has taken several measures for the expansion of electronics manufacturing in the country.
"As a result, the domestic production of electronic items has increased substantially from Rs 3.17 lakh crore in FY2016-17 to Rs 6.40 lakh crore in FY 2021-22 at a Compound Annual Growth Rate (CAGR) of 15 per cent," he added.
"The domestic production of electronic items is expected to reach Rs 8.42 lakh crore in the current FY2022-23 as compared to Rs 6.40 lakh crore in FY 2021-22 and is targeted to reach $300 billion by 2025-26," the minister said.
He further informed that the export of electronic goods from India has increased from Rs 39,978 crore in FY2016-17 to Rs 109,797 crore in FY2021-22, exhibiting CAGR of 22.39 per cent.
"India's electronic exports is expected to reach INR 1.76 lakh crore (USD 22 Bn) in the current FY2022-23 as compared to INR 1.09 lakh crore (USD 14.6 Bn) in FY 2021-22," the minister added.
Vaishnaw said that the global exports of electronic goods from major manufacturing economies including China, Vietnam, Mexico, Taiwan, Korea, Japan, USA and Germany is around $1.5 trillion out of the global exports of $2.5 trillion, which includes a lot of re-exports.
"India's share of global exports has increased from the last year of 1.2 per cent to approximately 1.8 per cent in the current year," he added.
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