India’s electronic goods export crossed $11 billion mark in 2021
The exports of electronic goods in India touched the $1.67 billion mark in December 2021, registering a growth of 33.99% as compared to $1.25 billion export during the same time in 2020. Overall, the electronic goods export in India rose by a whopping 49% to $11 billion in India between April-December 2021, the Ministry of Commerce and Industry has announced. These figures stood at $8.8 billion and $4.8 billion during the same time in 2019 and 2014 respectively.
The ministry also said that the US, UAE, China, the Netherlands and Germany accounted for the top five export destinations between April 2021 and November 2021. Of these, the US and the UAE were the most favourable export destinations capturing 18% and 16.6% of the Indian electronic goods market share respectively.
Interestingly, mobile phones constituted a major chunk of India’s electronics goods sector exports. Other sectors where the electronic goods export increased are – IT hardware which comprises laptops and tablets, consumer electronics that includes TV and audio, industrial electronics, auto electronics, electronic components, LED lighting, strategic electronics, PCBA, wearables and hearables, and telecom equipment.
Overall, the electronic goods export stood at $11.11 billion in the financial year 2021-2022 with the first three quarters accounting for 11.11 billion in exports. “…the sector is set to break all-time record highs, far exceeding the previous high of $11.7 Bn recorded in FY2019-20,” the ministry said.
The ministry noted that this growth is an outcome of the proactive measures taken by the government to increase the domestic manufacturing and export of electronics goods including mobile phones. The steps taken by the government include rolling out schemes such as Production Linked Incentive Scheme (PLI) for large scale electronics manufacturing, PLI for IT hardware, Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Modified Electronics Manufacturing Clusters (EMC 2.0). All of these are a part of the National Policy on Electronics, 2019, that aims to position India as a global hub for Electronics, System Design and Manufacturing (ESDM).
Furthermore, the FDI of up to 100% under the automatic route, Phased Manufacturing Programme (PMP) for mobile phones and their sub-assemblies and parts manufacturing and refining the tariff structure to promote domestic manufacturing of electronic goods has helped in boosting electronic goods exports.
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