India to manufacture $115 bn worth of electronics in 2024

India's tech industry is going to rise, and we're not just talking about the latest smartphones hitting the market. Brace yourselves for a rollercoaster of updates on how our country is becoming a major player in the global electronics game.

So, let's break it down further

The electronics manufacturing sector in India is gearing up for a whopping 15% growth, reaching a whopping USD 115 billion in 2024. That's no small change, Players in the game are turning their focus to adding more value to components and creating top-notch products.

Hold on to your hats, because the production of mobile phones, the rockstars of our electronics manufacturing, is set to soar past USD 50 billion by March 2024! 

Yep, you heard it right - from USD 42 billion in the previous financial year.

And here's the showstopper – Google's Pixel smartphone will soon be proudly stamped 'Made in India' from the first quarter of 2024. That means all the big players in the global electronics business will have their manufacturing roots right here in our country.

Pankaj Mohindroo, the chairman of the India Cellular and Electronics Association (ICEA), said they are looking at a total production of electronic goods hitting USD 115 billion in the financial year 2023-24. Mobile phones are stealing the spotlight, contributing a whopping USD 50 billion to the party.

Now, let's talk about exports

Mobile phone exports are expected to hit a cool USD 15 billion in FY24, showing off a 35% growth compared to the last financial. ICEA estimates that between April and November this financial year, mobile phone exports have already crossed USD 9 billion, up from USD 6.2 billion last year.

And guess what? 

Our mobile phone industry is flexing its muscles in areas like Printed Circuit Boards Assembly (PCBAs), chargers, battery packs, and cables.

We're practically on the road to self-reliance!

And talking about chips.

The government bagged a major win with a USD 2.75 billion project by global memory chip maker Micron to set up shop in India. But hold your horses, the Vedanta-Foxconn semiconductor plant venture hit an obstacle. Fear not, though – Tata Electronics, Foxconn, and HCL Group are stepping up the plant.

In the grand scheme of things, the electronics component manufacturing base in India is valued at over USD 11 billion, but we're still missing some pieces of the puzzle. According to ELCINA, a body of electronics components players, there's a need for a special scheme to complete the ecosystem.

So, what's next? 

Well, value addition in mobile devices is on the rise, going from 5-6% to a whopping 28%. The push is on to design more products in India and boost that value even more.

Get ready for more 'Made in India' labels on your favorite gadgets.

Until then...

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