New Delhi, Feb 29 (KNN) In recent years, India has emerged as a formidable contender in the global electronics market, steadily chipping away at China’s long-standing dominance.
A new study conducted by London-based Fathom Financial Consulting reveals significant shifts in market dynamics, particularly in key regions like the UK and US, where geopolitical tensions with China have escalated.
According to the study, India’s electronics exports to the US have witnessed a remarkable rise, with the ratio compared to China soaring from 2.51 per cent in November 2021 to 7.65 per cent in November of last year.
Similarly, in the UK, India’s share surged from 4.79 per cent to an impressive 10 per cent.
This surge can be attributed to India’s proactive measures in attracting electronics manufacturers, including lucrative incentives such as tax cuts, rebates, and streamlined land acquisition processes.
The Indian government’s concerted efforts to bolster domestic manufacturing have borne fruit, with heavyweights like Samsung Electronics Co. and Apple Inc. making significant investments in the country.
Notably, India hosts Samsung’s largest mobile phone factory, while Apple produces a notable portion of its iPhones through contract manufacturers Foxconn Technology Group and Pegatron Corp.
However, while India’s progress is evident in regions like the US and UK, its foothold in Europe and Japan remains more modest, indicating a shift towards dual supply chains rather than a complete abandonment of China-based production.
Indian companies have positioned themselves as integral players in multinational corporations’ ‘China plus one’ strategy, which seeks to diversify manufacturing bases to mitigate risks.
This strategic positioning not only enhances India’s market share but also aligns with Prime Minister Narendra Modi’s ambitious ‘Make in India’ initiative.
Modi’s vision of bolstering domestic manufacturing to foster job creation, boost exports, and reduce dependence on imports is gaining traction.
The surge in electronics exports serves as a testament to the success of this strategy, positioning India as a formidable player in the global electronics market.
(KNN Bureau)
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