CII Report: India will have to change its thinking about the manufacturing of electronic products and components. India will have to focus on increasing the manufacturing of these products and components instead of assembling them. According to the Confederation of Indian Industry (CII), only by increasing manufacturing will we be able to make our mark in the world. India will have to erase the image of only an assembling country. This will not only bring economic benefits to the country but will also create millions of jobs.
Demand for components is constantly increasing
According to the CII report, in the year 2023, there was a demand for components worth about $ 45.5 billion (Rs 3.8 lakh crore) to support electronics production worth $ 102 billion (Rs 8.52 lakh crore). According to the report, this demand is expected to increase to $240 billion (Rs 20.05 lakh crore) by the year 2030 to support the production of electronics products worth $500 billion (Rs 41.78 lakh crore). The report said that the demand for priority components including PCBA (printed circuit board assembly) is expected to grow at a rate of 30 percent annually. Due to this, this figure will reach $139 billion (Rs 11.61 lakh crore) by the year 2030.
These are the 5 high priority components for India
This report has identified 5 priority components like battery (lithium ion), camera module, mechanicals, display and PCB. These have been kept in high priority for India. It said that in the year 2022, their share in the total demand of components was 43 percent. It is expected to increase to $51.6 billion (Rs 4.31 lakh crore) by 2030. These components are either produced in nominal quantities in India or are dependent on imports. India can join the leading countries by increasing their domestic production.
2.8 lakh jobs can be created by 2026
According to the report, countries like China, Vietnam and Mexico are posing challenges for India in this sector. Indian companies need to pay special attention to this. If the Indian government helps through policies, there can be a sharp jump in the production of electronics products and components. Due to this, about 2.8 lakh jobs can be created in the country by 2026.
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