India's electronics goods exports clock 35 per cent surge to record high in Dec

New Delhi, Jan 16 (IANS) India's electronics exports surged by 35.1 per cent to touch a two-year high of $3.58 billion in December 2024 from $2.65 billion in the same month of the previous year, reflecting the increase in foreign demand for high- value Indian goods and rising domestic production capacities, data compiled by the Commerce Ministry showed.

Commerce Secretary Sunil Barthwal said, "In December 2024, electronic goods exports have been highest so far in the last 24 months."

Electronics goods have emerged as the fastest-growing segment in India's export basket as new manufacturing capacities have come up in the country driven by the success of the Centre's production-linked incentive (PLI) scheme.

The country's electronic exports jumped by a robust 27.4 per cent to $22.5 billion in April-November of 2024-25, from $17.66 billion during the same period in 2023-24.

There has been continuous growth in the sector over the last two years as electronics exports from India to the US jumped over two-fold year-on-year to $6.6 billion during January-September 2023, industry body India Cellular and Electronics Association (ICEA) has said.

Electronic goods have now moved up to the third position among the top performers in India's export sector, next only to engineering products and petroleum, from the sixth position last year.

Within the electronics sector smartphone exports have recorded a 45 per cent increase in exports as leading players such as Apple and Samsung expand production in the country. The PLI scheme and quick clearances by the government are proving to be a major success as global giants look beyond alienated China to set up alternative supply chains.

Apple's entry into India, supported by its vendors Foxconn, Pegatron, and Tata Electronics, has boosted smartphone exports this year. Exports of consumer electronics, solar modules, desktops, and routers have also recorded significant growth.

Electronics exports are expected to further accelerate ahead as semiconductor manufacturing capacities are now being set up in the country, a senior official said.

The Union Cabinet had recently approved a proposal by Kaynes Semicon to set up a semiconductor unit in Sanand, Gujarat, with an investment of Rs 3,307 crore. This is the fifth semiconductor unit to be approved under the India Semiconductor Mission (ISM), and the second to be set up in Sanand. It brings the total investment to Rs 1,52,307 crore ($18.15 billion).

The government launched the ISM and the display manufacturing ecosystem with an outlay of Rs 76,000 crore in December 2021.

Electronics Minister Ashwani Vaishnaw has termed the semiconductor industry a "foundational industry" for India's domestic manufacturing goals.

Electronics manufacturing in India crossed the $100 billion market in March 2024, which was $49 billion in 2017, reflecting the rapid pace at which the industry is growing, a senior official added.

Disclaimer: This story has not been edited by the Sakshi Post team and is auto-generated from syndicated feed.