India’s electronics exports rose 49 percent to $11 billion in the April-December 2021 period, compared with $7.4 billion in the same period in 2020, the Ministry of Commerce and Industry said in a statement.
The top five export destinations for April-November 2021 are the US (18%), the UAE (16.6%), China (7.6%), the Netherlands (4.5%) and Germany (4.2%).
Meanwhile, electronics exports reached $1.67 billion in December 2021, up 33.99 percent, surpassing December 2020’s $1.25 billion.
Electronics exports totaled $11.11 billion in FY21.
“The industry’s $11 billion in exports in the first three quarters of FY22 will break an all-time high and far exceed the previous high of $11.7 billion set in FY20,” the ministry added.
The electronics segment includes IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics, automotive electronics, electronic components, LED lighting, wearable and hearable devices, and telecommunications equipment. Mobile phones are a major part of India’s electronics exports.
The Ministry of Electronics and Information Technology (MeitY) has recently published the second volume of a 5-year roadmap and vision document for the electronics industry; the first volume will be released in November 2021.
The document lays out a “roadmap to transform India from its current US$75 billion to a US$300 billion electronics manufacturing powerhouse over the next 5 years. This will place electronics among the top 2-3 Indian exports by 2026”.
According to the vision document, electronics exports are expected to increase from $15 billion in 2021-22 to $120 billion in 2026.
Complete News Source : Business Standard
