Union Cabinet approves Electronics Component Manufacturing Scheme with funding of Rs 22,919 crore

New Delhi [India], March 28 (ANI): The Union Cabinet on Friday approved the Electronics Component Manufacturing Scheme with a funding of Rs.22,919 crore to make India "atmanirbhar" in the electronics supply chain.
Briefing reporters after a meeting of union cabinet, Information and Broadcasting Minister Ashwini Vaishnaw said this scheme aims to develop a robust component ecosystem by attracting large global and domestic investments in electronics component manufacturing ecosystem, increasing Domestic Value Addition (DVA) by developing capacity and capabilities, and integrating Indian companies with Global Value Chains.
The meeting of the Union Cabinet was chaired by Prime Minister Narendra Modi.
The scheme envisages attracting investment of Rs.59,350 crore, resulting in the production of Rs 4,56,500 crore and generating additional direct employment of 91,600 persons and many indirect jobs as well during its tenure.
Electronics is one of the highest-traded and fastest-growing industries globally and is expected to play a pivotal role in shaping the global economy and advancing a country's economic and technological development.
The domestic production of electronic goods has increased from Rs.1.90 lakh crore in FY 2014-15 to Rs.9.52 lakh crore in FY 2023-24 at a CAGR of more than 17%. The exports of electronic goods have also increased from Rs.0.38 lakh crore in FY 2014-15 to Rs.2.41 lakh crore in FY 2023-24 at a CAGR of more than 20%.
Projections indicate that India's electronics production will reach USD 300 billion by 2026.
India has made significant progress in mobile and electronics manufacturing and become the world's 2nd largest mobile manufacturing country.
In 2014, India had only two mobile manufacturing units but fast forward to today, the nation boasts over 300 manufacturing units, underscoring a significant expansion in this vital sector.
In 2014 -15 only 26 per cent of the mobile phones which were being sold in India were made in India, the rest were being imported. Over 99 per cent of all mobile phones which are sold in India are made in India.
The manufacturing value of mobile phones has surged from Rs 18,900 crore in FY14 to a staggering Rs 4,22,000 crore in FY24.
More than 325 to 330 million mobile phones a year are being manufactured in India and on average there are about a billion mobile phones in use in India.
The exports, which were almost non-existent in 2014, have now surpassed Rs 1,29,000 crore. (ANI)