Electronic production in this country is expected to reach USD 300 billion in 2026, ICEA Industrial Agency said in a report.
National Policy on Electronics (NPE) 2019 has set a target to achieve a turnover of USD 400 billion in 2025.
However, this industry will not be able to achieve the target set by NPE 2019, due to the adverse effects of Pandemic Covid-19.
In this sector, the report said, adding that “Pandemic Covid-19 brought with unexpected and unprecedented challenges.” “The 2019 NPE target for electronic production by 2025-26 at USD 300 billion seems more realistic considering the interference because Covid-19 in the last 18 months has been exacerbated by the new variant of the Covid-19 virus as Omicron,” said the report.
Cellular and Electronic Cellular Chair and Electronic Association (ICEA) PANKAJ Mohindroo while sharing the details of the report said that the reduced target is still aimed at a 400 percent increase from the current level, which will require significant and continuous policy initiatives to create.
Ecosystem electronic manufacture is conducive.
He said that the government should not make changes in the tax rate without consulting with the industry.
Mohindroo said that there was a need to encourage domestic champions.
Reports of estimating demand for electronic products in India can stand around USD 180 billion by 2025-26.
“If India is able to achieve a manufacturing target of USD 300 billion for electronics, the demand for domestic markets can be fully fulfilled by such manufactures.
It requires USD 120 billion electronic products to be exported to the global market.” The report said.