Indian electronic goods exports jump 88% since 2013-14
Two decades ago, India was a net importer of most of electronic goods
From being a net importer of Electronic goods two decades ago, India’s export of electronic goods has reached an all-time high at $12,400 million in this fiscal year, a jump of 88% compared to 2014, reveals data released by the Ministry of Commerce in Monday.
Two decades ago, India was a net importer of most electronic goods, including mobile phones, IT hardware, laptops, tablets, consumer electronics, and other industrial electronics and auto electronic components.
Buoyant over the consistent growth, Union Commerce Minister, Piyush Goyal tweeted, “World wants ‘Made in India’. 88% jump in export of electronic goods from April-January 2021-22 over same period in 2013-14. Government’s Initiatives are boosting domestic manufacturing of quality and globally competitive products”.
The Government of India had ushered the National Policy on Electronics 2019 aiming to position India as a global hub for Electronics System Design and Manufacturing (ESDM) by encouraging and driving capabilities in the country for developing core components and creating an enabling environment for the industry to compete globally, informed the ministry.
The government introduced four schemes to give a boost to the electronics sector and establish the necessary ecosystem. These are:
* Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing
* Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS)
* Modified Electronics Manufacturing Clusters Scheme (EMC 2.0)
* Production Linked Incentive Scheme (PLI) for IT Hardware
India has also been seeing consistent growth in exports. “India’s merchandise export in January 2022 increased by 23.69% to $34.06 billion over $27.54 billion in January 2021; recording an increase of 31.75% over $25.85 billion in January 2020,” the Ministry added.
India’s merchandise export in 2021-22 (April-January) rose by 46.53% to $335.44 billion over $228.9 billion in 2020-21 (April-January), marking an increase of 27.0% over $264.13 billion in 2019-20 (April-January), it said.
Notably, the Indian government has been taking up a number of proactive steps to boost exports. An export monitoring desk has been set up to help remove impediments, constraints and bottlenecks faced by the export sector, especially during the pandemic.
The Government is also working on enhancing value of branding of Indian exports to improve India’s global standing as a reliable supplier and proactive steps are being undertaken to align the nation with the global value chain.
Several Acts under the Department of Commerce are being reviewed to remove redundancies and outdated provisions, and many bilateral trade agreements are being pursued with great vigor.
The government is committed to developing each district in India as an export hub through initiatives such as ‘One District One Product’ (ODOP).
Support is also being extended to exporters through various exporters-oriented schemes.
Efforts are being made at reducing compliance burden through rationalization and decriminalization and several initiatives are being undertaken to improve the ease of doing business.