$300 billion electronics production in few years a realistic, achievable target: IT Minister

India is setting its sights on achieving a landmark $300 billion electronics production target, including $100 billion in exports, in the near future, according to Ashwini Vaishnaw, Union Minister for Electronics and IT and Railways.

Speaking at the 'Global Business Summit' event in the national capital, Minister Vaishnaw expressed confidence in the government's ability to realise these ambitious goals, citing the rapid development of the manufacturing ecosystem.

"The burgeoning manufacturing ecosystem, evolving at a remarkable pace, instills confidence in our ability to achieve these targets within a few years," remarked Vaishnaw.

He highlighted the increasing migration of component manufacturers to India and the burgeoning activity in electronics and semiconductor design as pivotal factors propelling India towards becoming a trusted partner in the global value chain (GVC) in a relatively short span of time.

In a move to bolster domestic manufacturing competitiveness, the government recently slashed import duties on components used in smartphones, aiming to level the playing field with counterparts in China and Vietnam. This initiative is anticipated to further accelerate export growth.

Following the success of the Production Linked Incentive (PLI) scheme for mobile phones, the government anticipates similar positive outcomes from the PLI for IT hardware and servers, expecting it to attract more investments in the component ecosystem and bolster the supply chain within the country.

India's ascent as the world's second-largest manufacturer of mobile phones in volume terms has been accompanied by a substantial surge in mobile phone exports, soaring from an estimated Rs 1,566 crore in 2014-15 to an impressive Rs 90,000 crore in 2022-23, marking a phenomenal increase of over 5,600 per cent.

Underlining India's strides in 5G deployment, Vaishnaw highlighted the achievement of rolling out 5G infrastructure within 16 months using indigenous equipment, positioning India to compete on par with global standards.

"Ensuring access to advanced technology for every citizen, regardless of their socio-economic background, is paramount," stressed the minister.

Vaishnaw also lauded India's progress in semiconductor manufacturing, citing the rapid progress made with the announcement and subsequent ground-breaking ceremony of the Micron semiconductor project during Prime Minister Narendra Modi's visit to the US last year.

The construction of a Rs 22,500 crore Micron Technology facility in Sanand, Gujarat, which commenced in September last year, is poised to set a benchmark in India's semiconductor journey.