PM’s vision is mobile phone exports of ₹1 lakh cr for 2023 : R Chandrasekhar

Prime Minister Narendra Modi’s vision by 2023 is to have mobile phone exports with the segment in India’s top 10 export category, said Minister of State for Electronics and IT Rajeev Chandrasekhar.

Rajeev Chandrasekhar said the government will take all necessary steps to boost the electronics manufacturing ecosystem in the country, in an interview with news agency PTI. 2023 will look to expand the manufacturing base beyond mobile phone manufacturing.

“PM Narendramodi Ji’s vision for 2023 is the value of mobile phone exports 1 lakh crore, with mobile phones featuring in the top 10 exported category,” Chandrasekhar said.

India’s mobile phone exports were around 45 billion which was dominated by Apple and Samsung.

The minister said that the government is working to expand the electronic manufacturing ecosystem beyond mobile phones to increase global participation in the segment of audibles and wearables, computer hardware, electronic components, etc.

Also Read :  Why this ChatGPT moment harks back to the original iPhone

According to a study by electronic component manufacturers’ body ELCINA, demand for components in 2020-2021 was $32 billion (approx. 2.65 lakh crore) for about $70 billion ( 5.8 lakh crore) and of this, only USD 10 billion ( 82,000 million) was manufactured locally, and that too with a majority of imported raw materials.

While the minister did not elaborate on the specific measures, official sources shared that the government has plans to come up with a production-linked incentive scheme for hearables, wearables, as well as an upgraded PLI scheme for IT hardware and electronic components to boost your site. production

“We’re going to complement our mobile phone successes by expanding and deepening the ecosystem. The deepening strategy has been there in the semiconductor space. It’s very clear that we want to do more in our component industry. In the expansion, while we’re growing in the mobile space , we want to do well in the IT hardware and server space, wearable and listening space. These are all areas that are growing rapidly globally,” the minister said.

Also Read :  Delhi to get mobile fire tenders at 50 sites, more fire stations

Indian brands like Imagine Marketing (BoAt) and Fire-Boltt are now among the top selling brands globally in the wearable and hearable category.

With data growth driven by 5G and high-speed broadband, the demand for data centers and shift servers is also on the rise.

According to market research firm Research And Markets, the Indian server market was valued at $1.6 billion by 2022 and is expected to grow at a CAGR of 7.19 percent.

“We want to increase our market share in computer hardware and servers. Today we are a very small player in that space. We want to increase our market share in components and the overall market share in wearables and audibles. It is the prime minister’s goal and goal that in all these areas, we want to be an important trusted partner for global businesses and consumers. If that requires any additional PLI or policy we will,” Chandrasekhar said.

Also Read :  Monthly mobile phone exports hit record $1 billion in September

Under the PLI scheme for IT hardware, the government had selected 14 companies to manufacture IT hardware which include Dell, Rising Stars, Flextronics Technologies, Lava International, Dixon Technologies etc.

The scheme has provision to offer an incentive of up to 7,325 crore which is linked to incremental investment and sales of locally manufactured products.

Computer hardware manufacturers’ body MAIT has asked the government to delink investment incentives as several players already have excess production capacity and increase the total incentive under the scheme to 25,000 million.

Check out all the business news, market news, breaking events and latest news on Live Mint. Download Mint News app for daily market updates.

More or less

Source

Leave a Reply

Your email address will not be published.