Govt, industry stakeholders hold talks on achieving $150 billion electronics export goal by 2030

The government and Industry stakeholders have held discussions on achieving the $150 billion electronics exports target by 2030. Discussions took place during a Chintan Shivir attended by senior representatives from the Centre, state governments, industry and Export Promotion Councils to discuss opportunities and challenges facing the country's electronics sector.

Commerce Secretary Rajesh Agrawal said that the global electronics industry is increasingly driven by global value chains, and India's policy framework must provide the predictability and stability required for these value chains to expand their presence in the country.

Agrawal observed that manufacturing for the domestic market requires a different policy approach than export-oriented production. According to him, the Chintan Shivir had been convened to facilitate constructive discussions and develop tangible, balanced and actionable policy recommendations that are equitable for all stakeholders.

Besides, participants emphasised the importance of integrating MSMEs into global value chains, which account for nearly 90% of global electronics trade, to enable them to scale as suppliers to large manufacturers. Discussions also focused on harmonisation of HS Codes and closer coordination with Customs authorities to minimise product misclassification and facilitate smoother exports.

Last week, Dixon Technologies and Vivo Mobile India Private ltd entered into a term sheet to form a joint venture to undertake original equipment manufacturing business of electronic devices including smartphones. The deal highlights, capabilities and expertise of Indian electronics manufacturer.

The current value of India’s electronic manufacturing market is valued at $120 billion to $150 billion. The government aims to achieve a target of $500 billion by FY30 and aims to increase share of electronics equipment manufacturing in total manufacturing from 3% to 11%. Globally, India is 2nd largest manufacturer of smartphones in the world, with over 30-fold increase in value in a decade.