Indigenous electronics production is expected to reach Rs 8.42 lakh crore and export Rs 1.76 lakh crore in the current financial year, Parliament was informed on Wednesday.
Minister of Electronics and IT Ashwini Vaishnaw in his submission to the Lok Sabha said India's share of global exports has increased to approximately 1.8 per cent in the current year from 1.2 per cent last year.
"The domestic production of electronic items is expected to reach Rs 8.42 lakh crore ($105 billion) in the current FY 2022-23 as compared to Rs 6.40 lakh crore ($87.35 billion) in FY 2021-22 and is targeted to reach Rs 24 lakh crore ($300 billion) by 2025-26," Vaishnaw said.
The minister also said that the export of electronic goods has increased from Rs 39,978 crore ($5.96 billion) in FY 2016-17 to Rs 1,09,797 crore in FY 2021-22 ($14.6 billion), exhibiting a compound annual growth rate (CAGR) of 22.39 per cent.
"India's electronic exports are expected to reach Rs 1.76 lakh crore ($22 billion) in the current FY 2022-23 as compared to Rs 1.09 lakh crore ($14.6 billion) in FY 2021-22," Vaishnaw added.
According to data shared by the minister, Karnataka led the electronics exports chart with exports worth $3,898 million (about Rs 3.22 lakh crore), followed by Uttar Pradesh $3,792 million (Rs 3.13 lakh crore).
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks