New Delhi: The domestic production of electronic goods has increased substantially from ₹ 3,17,331 crore in 2016-17 to ₹ 6,40,810 crore in 2021-22 growing at a Compound Annual Growth Rate (CAGR) of 15%. In volume terms, India is the 2nd largest manufacturer of mobile handsets in the world. The production value of Mobile phones has grown from ₹ 90,000 crore in 2016-17 to ₹ 2,75,000 crore in FY 21-22 with a Compound Annual Growth Rate (CAGR) of 25%.
India is among the top countries that have experienced fast digital adoption. This has been achieved due to a focused approach of the Government and the implementation of innovative initiatives. The Ministry of Electronics and Information Technology (MeitY) is giving credit to new Policies and Schemes, such as, Production Linked Incentives (PLI) for Large Scale Electronics Manufacturing and IT Hardware, Scheme for Promotion of Manufacturing of Electronic Components & Semiconductors (SPECS), Modified Electronics Manufacturing Clusters (EMC 2.0) etc.
These initiatives have not only eased the life of citizens but have also created a favourable ecosystem for startups, industries and the electronics ecosystem to flourish by providing fiscal incentives to industry.
