India Eyes Top Spot in Electronics Manufacturing Under PM Modi
India is poised to become a major hub for global electronics manufacturing, with significant growth projected in the coming years under the leadership of Prime Minister Narendra Modi, according to Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA). Narendra Modi is set to begin his historic third consecutive term as Prime Minister of India later today, following the Bharatiya Janata Party-led National Democratic Alliance (NDA) securing 293 seats in the Lok Sabha elections.
Mohindroo emphasized the significant progress in mobile phone production over the past decade, achieving a milestone of 50 billion units. This accomplishment has laid a strong foundation for expansive growth in the broader electronics sector. “The nation must now expedite growth across all electronics sectors, not just mobile production but also IT hardware, laptops, desktops, servers, and consumer electronics, including automotive electronics, to position India as a leading destination for global electronics manufacturing”, Mohindroo conveyed.
According to the ICEA’s recent report, India's aim to reach $300 billion in electronics manufacturing by the fiscal year 2026 is anticipated to create a semiconductor demand ranging from $90 to $100 billion, largely driven by the domestic mobile manufacturing industry.
Mohindroo stressed the necessity for sustained, passionate leadership, similar to what India has experienced over the past decade, to propel the country towards becoming a major global electronics manufacturing powerhouse. He highlighted the goal of achieving a 400 percent increase, mirroring the growth of the previous decade.
According to ICEA’s data, India’s domestic market is anticipated to expand from $65 billion to $180 billion within the next five years, positioning electronics as one of the top two or three exports by 2026. From the anticipated total electronics production of $300 billion, export figures are projected to rise from $15 billion in the fiscal year 2021-22 to an impressive $120 billion by 2026.
