Blitz Bureau
New Delhi: India’s goal of becoming the third-largest global economy necessitates a more ambitious vision to achieve a $500 billion target in electronics manufacturing by FY 2030 which would create as many as 6 million jobs, according to a NITI Aayog report.
“This ambitious target comprises $ 350 billion from finished goods manufacturing and $150 billion from components manufacturing. Such growth is projected to create employment for an estimated 5.5 million to 6 million people, significantly boosting job opportunities across the country. Electronics exports are expected to reach $240 billion and domestic value addition to increase to more than 35 per cent,” the report states.
In parallel, the NITI Aayog strategy emphasises scaling up production in established segments such as mobile phones and establishing a foothold in component manufacturing. Additionally, there should be a strong focus on diversifying into emerging areas such as wearables, IoT devices, and automotive electronics. This strategic diversification will capitalise on evolving consumer demands and technological advancements, positioning India as a leader in innovative electronic products on the global stage, the report states.
The report recommends strategic interventions across fiscal, financial, regulatory, and infrastructure domains to support this ambitious growth trajectory. These include promoting components and capital goods manufacturing, incentivising R&D and Design, tariff rationalisation, skilling initiatives
