Boosted by localisation, Indian electronics mfg sector to touch ₹7 lakh cr next fiscal

The Meity has proposed a PLI scheme of about Rs 22,000 crore to promote wearables as well as enhance incentives for IT hardware manufacturers in the next financial year as it aims to increase electronics exports from India by 50 per cent.

Buoyed by the government's ₹2.3 lakh crore policy push for self-reliant India, the domestic electronics manufacturing industry is expected to see 30 per cent growth in the next fiscal to be worth nearly ₹7 lakh crore.

(Sign up to our Technology newsletter, Today's Cache, for insights on emerging themes at the intersection of technology, business and policy. Click to subscribe for free.)

While the government continues to make efforts to move up in the global electronics supply chain and is expected to come up with new policies and incentive schemes for wearables and IT hardware, the immediate challenges are those around electronic components, mainly electronic chips, and potential threats from the coronavirus pandemic.