Aim for threefold surge in exports to $100 bn in seven years: Goyal to electronics sector

New Delhi: India’s electronics goods sector should target to boost exports by more than threefold to over $100 billion over the next seven years, said Union commerce minister Piyush Goyal, emphasizing the need for stronger supply chains and globally competitive pricing amid global trade headwinds.

The sector should prioritize consumer interests and strike a balance between industry growth and affordability, he said speaking at the 16th edition of ‘ELECRAMA,’ organized by the Indian Electrical and Electronics Manufacturer’s Association (IEEMA). Manufacturers must focus on offering better deals and ensuring affordability instead of resorting to excessive protectionism, which he warned could ultimately hurt consumers.

Highlighting the growing electronics goods exports, Goyal said the industry which ranked 167 among sectors in 2015 now holds the second position. Till January in FY25, the sector’s overseas shipments have already surpassed the previous fiscal’s total of $29.11 billion, reaching $30.21 billion.

Also read | Electronics manufacturing firms tipped to outperform indices this year

India’s electronics exports, however, have come under the scrutiny of US President Donald Trump, who has announced plans to levy a reciprocal tax, which may impact the industry’s growth.

The exports of electronic goods have shown a strong upward trajectory, playing a key role in driving overall export growth. In FY18, total electronic goods exports stood at $6.39 billion, which surged to $29.11 billion in FY24.

India exports electronics goods to the UAE, the Netherlands, the UK, Italy, Czech Republic, Austria, Germany, Russia, China, France, Japan and Hong Kong among others.

Mint reported on 20 January that the commerce ministry’s department for promotion of industry and internal trade (DPIIT) had selected 24 companies in the third round of the production-linked incentive (PLI) scheme for white goods, securing a total investment commitment of ₹3,516 crore. This includes ₹2,299 crore from 18 new applicants and an additional ₹1,217 crore from six existing beneficiaries.