Electronics manufacturing to see an annual growth of 30% for the next 5 years: IT Secretary
The exports of electronic products will grow in the range of 40-50 percent annually over the next five years, said the IT Secretary
The government is expecting a growth of 30 percent per year for the next five years in electronics manufacturing in the country. India’s electronics production will grow at least by USD 153 billion, Electronics and IT Secretary Ajay Prakash Sawhney said at the Invest India Exclusive Investment Forum-Japan, according to a report by The Economic Times.
"Electronics manufacturing in India has been growing quite significantly. We have registered 23 percent cumulative annual rate of growth over past five years. Now in this journey the growth is expected to be 30 per cent year on year for next five years," Sawhney was quoted as saying in the PTI report published by The Economic Times.
He further added that exports of electronic products will grow in the range of 40-50 percent annually over the next five years.
The mobile manufacturing in the country has grown from 6 crore handsets to 33 crores in a period of five years. Sawhney also added that over 90 percent of the country’s mobile phone requirements are met through domestic production, said the report.
The report said that about 22 domestic and international firms have lined up proposals for mobile phone production worth Rs 11 lakh crore over the next five years. These proposals are expected to create 12 lakh jobs in the country as per Union Minister Ravi Shankar Prasad’s statement quoted in the report.
Sawhney highlighted that it is time for India to bring in more investment from Japan as the Japanese companies have tremendous expertise and market share in capital goods as per the report.