Electronics manufacturing expected to grow 30% annually for next 5 years in India
According to news reports, Indian government is expecting electronics manufacturing in the country to register an annual growth rate of 30% over the next five years and clock Rs 11.5 lakh crore additional production during this period in a statement by electronics and IT secretary Ajay Prakash Sawhney.
Furthermore, it is expected that the exports of electronic products will grow in the range of 40-50 per cent annually over the next five years. Electronics manufacturing in India has been growing quite significantly.
In addition, with many global brands shifting base from China is proving to be a silver lining for India. Moreover, government initiatives like ‘Aatamnirbhar Bharat’ and ‘Make in India’ is going to boost domestic manufacturing in the country. Around 22 domestic and international firms, including iPhone maker Apple’s contract manufacturers, Samsung, Lava, Dixon among others have lined up with proposals for mobile phones production worth Rs 11 lakh crore over the next five years.