Buoyed by the government's Rs 2.3 lakh crore (Rs 2.3 trillion) policy push for self-reliant India, the domestic electronics manufacturing industry is expected to see 30 per cent growth in the next fiscal to be worth nearly Rs 7 lakh crore (Rs 7 trillion).
While the government continues to make efforts to move up in the global electronics supply chain and is expected to come up with new policies and incentive schemes for wearables and IT hardware, the immediate challenges are those around electronic components, mainly electronic chips, and potential threats from the coronavirus pandemic.
"The value addition from local manufacturing units is expected to go up to 25 per cent next year from 18 per cent at present. The government is aiming to grow overall electronics production in the country by 30 per cent to over Rs 6.9 lakh crore next year," a senior Ministry of Electronics and IT (Meity) official told PTI.
The Meity has proposed a PLI scheme of about Rs 22,000 crore to promote wearables as well as enhance incentives for IT hardware manufacturers in the next financial year as it aims to increase electronics exports from India by 50 per cent.
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