Among key aspects the industry is hoping to discuss with the key government representatives are to adopt a strategy to enhance India's capabilities in electronics manufacturing and boosting New Delhi's participation in Global Value Chains (GVCs), he said.
GVCs are key to modern manufacturing, involving global collaboration across activities such as design, production, marketing, and distribution.
The success of the GVC model is absolutely critical, he said, adding that the industry is hoping to brainstorm on how to fundamentally increase the GVC participation. ICEA hopes to discuss tariff rationalisation, ease of business, and enabling reforms.
Electronics production nearly doubled from $48 billion in FY17 to $101 billion in FY23, driven primarily by mobile phones, which now constitute 43 per cent of total electronics production.
In the financial year 2023, India’s electronics sector recorded a significant value of exports, contributing a considerable share of 5.32 per cent to India’s total merchandise exports.
In his inaugural session of ‘Semicon India 2024’ event last week, Prime Minister Narendra Modi gave a clarion call to the industry to grow the country's electronics sector to USD 500 billion and create 6 million jobs by the end of this decade.
Published 17 September 2024, 14:21 IST