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IIOTM2024: India aims to grow electronics production to USD 1 tn in 5 years, says S Krishnan

S Krishnan, secretary, Ministry of Electronics and IT (MeitY) TheMinistry of Electronicsand IT (MeitY) secretaryS KrishnanTuesday said that the government aspires to grow electronics manufacturing to USD 1 trillion in the next five years.

“India’s electronic manufacturing is worth USD 100 billion a year. About USD 200 billion to USD 250 billion is software production. We want this segment to grow to USD 1 trillion in 5 years,” the top official said.

Krishnan was speaking in a video message at the fifth edition of the India Inc on the Move (IIoTM), organised by the Economic Times Business Verticals together with Rockwell Automation.

Further, he said that such a target could be achieved with the private sector partnership.

“Clearly, India Inc on the Move is an important theme for India and the industry. India is at the cusp of great developments,” he said, adding that there should be a contribution from every stakeholder, not just the government, civil society or the industry.

Krishnan also said that manufacturing provides a broad range of jobs, contributing to 25% of the country’s GDP.

“Electronics manufacturing is important and soon will be the largest sector in India and growing at a rapid pace. We are the fifth-largest economy and moving fast to become the third largest.”

Further, the official said that Covid-19 pandemic taught that there should be a resilient supply chain for the electronics sector production.

“If you use a cellphone, semiconductor alone is 35% of the value chain,” he said, and added that the government has launched 14 different schemes including production-linked (PLI) schemes.

India Semiconductor Mission is an ambitious and generous scheme with benefits for the industry,” Krishnan added.

In 2021, MeitY launched ISM with a total financial outlay of Rs 76,000 crore, aimed to facilitate the development of sustainable semiconductor and display ecosystem in the country.

The initiative aims to provide financial support to companies investing in semiconductors, display manufacturing and design ecosystems.

“India is solidifying its space as the fastest growing economy in the world,” Dilip Sawhney, managing director, Rockwell Automation, said.

Contributing about USD 1trillion, Sawhney said, manufacturing has a huge role to play, and would double in a short period.”Technology-enabled smart manufacturing has a huge role to play in,” he added.

The day-long IIoTM brought together 1,000 delegates from multiple companies from across the country.

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