India Sets $300 Billion Target for Electronics Production and Exports, Sees Momentum in Manufacturing Growth

• India aims to reach $300 billion in electronics production including $100 billion in exports in the coming years, which the IT Minister says is realistic and achievable

• Component manufacturers have started shifting production to India, ensuring the country becomes a trusted partner in global value chains

• Import duty reductions on smartphone components will increase growth momentum of exports

• India has become the 2nd largest mobile phone manufacturer globally by volume, with exports rising from $2.4 billion in 2014-15 to $13 billion in 2022-23

• The rollout of 5G using locally manufactured equipment positions India's technology to compete globally