Union Electronics and IT Minister Ashwini Vaishnaw has announced a significant initiative to strengthen India’s electronics component manufacturing sector. During his address at The Economic Times World Leaders Forum, Vaishnaw outlined a new government scheme aimed at establishing a sustainable electronics component ecosystem in the country.
Vaishnaw revealed that over 99% of mobile phones used in India are now produced domestically, with Apple’s latest model set to be manufactured in India this year. The value of India’s electronics manufacturing sector has surged from $29 billion in 2013-14 to $105 billion in 2022-23. The new scheme, expected to launch later this year, could see the government allocate up to Rs 40,000 crore to support the sector.
The initiative aims to encourage investments of around Rs 82,000 crore from successful applicants. This is anticipated to boost the total value of components produced to between Rs 1.95 lakh crore and Rs 2 lakh crore. The scheme will be similar to existing production-linked incentives for mobile phones and semiconductors.
Vaishnaw also highlighted progress in the semiconductor industry, with four approved semiconductor projects on track for timely completion. The government’s approach includes not only fabrication but also design, assembly, testing, marking, and packaging.
In addition to electronics, Vaishnaw reported advancements in infrastructure, including the development of rail, road, and port projects worth Rs 2 lakh crore. The government is also advancing the Vande Bharat sleeper train trials and focusing on making technology accessible to all, emphasizing the need to prevent monopolies by big tech.