Electronics manufacturing in India to grow 30% annually for next 5 years: IT Secy
The government is expecting electronics manufacturing in the country to register an annual growth rate of 30 per cent over the next five years and clock Rs 11.5 lakh crore additional production during this period, electronics and IT secretary Ajay Prakash Sawhney said on Thursday. Also, the exports of electronic products will grow in the range of 40-50 per cent annually over the next five years, he added.
“Electronics manufacturing in India has been growing quite significantly. We have registered 23 per cent cumulative annual rate of growth over past five years. Now in this journey the growth is expected to be 30 per cent year on year for next five years,” Sawhney said at the Invest India Exclusive Investment Forum – Japan Edition.
He said that mobile manufacturing in the country has grown from 6 crore handsets five years ago to 33 crore at present, and over 90 per cent of country’s mobile phone requirements are met through domestic production.
“Last year we have seen spurt of 25 per cent. In next five years, growth in exports could be 40-50 per cent year on year at a bare minimum,” Sawhney said.