Despite the challenges, the country’s electronics production sector is growing at a compound annual growth rate (CAGR) of 17% with the total value having grown to Rs 9.52 lakh crore in fiscal 2024 from Rs 1.90 crore in fiscal 2015, Prasada told the lower house of the Parliament.
Similarly, the export of electronic goods increased from Rs 38,263 crore in 2014-15 to Rs 2.41 lakh crore in 2023-24 growing at a CAGR of more than 20%.
To overcome the challenges of higher capital expenditure requirements, longer gestation periods and others, the government has approved several central-level initiatives such as the programme for the development of semiconductors and display manufacturing ecosystem in India, the production-linked incentive scheme for large-scale electronics manufacturing, the production-linked incentive scheme for information technology hardware, the scheme for promotion of manufacturing of electronic components and semiconductors, among others.
Owing to these schemes, foreign direct investment of $3290 million from 356 companies in the electronics sector has been received since April 2019. To further improve the ease of doing business for the electronics manufacturing sector, the government has “revised and expanded the issuance of PLI business visa for electronic manufacturing from PLI-approved companies to any company falling under the PLI sector. Further, the process to apply for a PLI business visa has been made completely online,” Prasada told the Lok Sabha n his written answer to a question.
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