India’s Electronics Exports Surge to New Heights with 35% Growth in December 2024

New Delhi : India’s electronics export sector has achieved a significant milestone, registering a robust growth of 35.11% in December 2024. Exports rose to a two-year high of $3.58 billion, up from $2.65 billion in December 2023, as reported by the Commerce Ministry. This impressive growth reflects increasing global demand for high-value Indian electronics, coupled with the country’s expanding domestic production capacities.

The April-December period of the current fiscal year further highlights this upward trajectory. Electronics exports surged by 28.6% during this period, reaching $26.11 billion, compared to $20.3 billion in the same period of 2023-24. This growth cements electronics as the fastest-growing segment in India’s export portfolio, driven by strategic policy initiatives and increasing manufacturing investments.

The Production-Linked Incentive (PLI) scheme introduced by the Indian government has emerged as a cornerstone of this success. By providing financial incentives to domestic and international manufacturers, the scheme has encouraged the establishment of new production facilities and the expansion of existing ones. The program’s success is further supported by expedited government clearances, fostering an environment conducive to large-scale manufacturing and exports.

Within the electronics sector, smartphones have led the export boom, recording a staggering 45% increase in outbound shipments. Global giants like Apple and Samsung have significantly ramped up their manufacturing capacities in India, leveraging the country as a critical hub for smartphone production. Apple’s suppliers, such as Foxconn and Pegatron, have notably increased their output, catering to rising demand in global markets.

India’s transformation into a competitive electronics manufacturing hub can be attributed to a combination of policy reforms, infrastructure development, and skilled workforce availability. The government’s focus on building a robust supply chain and encouraging foreign direct investment has attracted global players to set up operations in India. Additionally, rising local demand for electronics has created a sustainable market base, further supporting export growth.

The surge in electronics exports signals India’s growing importance in the global supply chain, especially as companies diversify production away from traditional hubs like China. This development aligns with India’s vision to become a global electronics manufacturing powerhouse.

No Comments:

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

Education

More News