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The electronics manufacturing sector in India is on the cusp of a transformative journey, driven by favourable government policies, increasing domestic demand, and a robust push toward self-reliance. Insights from the CII Electronics Summit underscore significant opportunities in the electronics and semiconductor markets, particularly in component manufacturing, automotive electronics, and emerging technologies. Motilal Oswal Wealth Management projects India's total electronics production to grow at a robust CAGR of 26% between CY23-30, reaching USD 500 billion.
This ambitious growth reflects the country’s efforts to emerge as a global electronics manufacturing hub. Favourable government initiatives such as the Production-Linked Incentive (PLI) schemes and the Semicon India program, combined with a focus on self-reliance and rising domestic consumption, are key catalysts in this transformative journey. Additionally, programs like Digital India and Make in India are creating an ecosystem that fosters innovation, supports startups, and encourages global players to set up manufacturing units in the country.
Next, with global supply chains diversifying beyond traditional hubs like China, India is emerging as a preferred destination for electronics exports. Competitive labor costs, improved infrastructure, and government support are enabling the country to position itself as a key player in global electronics manufacturing.
On the flip side, the sector does face hurdles that could impact its growth trajectory. Scaling operations requires a highly skilled workforce adept in advanced manufacturing technologies. Training and upskilling initiatives must keep pace with the sector’s demands. Amidst global disruptions, ensuring a steady supply of raw materials and components, including semiconductors, remains a critical challenge.
To conclude we can say that partnerships with global technology firms and sustained government support will play a crucial role in ensuring this growth. Moreover, increased collaboration between industry stakeholders and academia can drive research and development in emerging areas such as artificial intelligence, robotics, and 6G technology, further cementing India’s position in the global electronics landscape.
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