Electronics Production Likely To Reach Rs 8.42 Lakh Crore This Fiscal: IT Minister
India's share of global exports has increased to approximately 1.8% in the current year from 1.2% last year, he said.
Indigenous electronics production is expected to reach Rs 8.42 lakh crore and export Rs 1.76 lakh crore in the current financial year, Parliament was informed on Wednesday.
Minister of Electronics and IT Ashwini Vaishnaw in his submission to the Lok Sabha said India's share of global exports has increased to approximately 1.8% in the current year from 1.2% last year.
"The domestic production of electronic items is expected to reach Rs 8.42 lakh crore ($105 billion) in the current FY 2022-23 as compared to Rs 6.40 lakh crore ($87.35 billion) in FY 2021-22 and is targeted to reach $300 billion by 2025-26," Vaishnaw said.
The minister also said that the export of electronic goods has increased from Rs 39,978 crore ($5.96 billion) in FY 2016-17 to Rs 1,09,797 crore in FY 2021-22 ($14.6 billion), exhibiting a compound annual growth rate of 22.39%.
"India's electronic exports are expected to reach Rs 1.76 lakh crore ($22 billion) in the current FY 2022-23 as compared to Rs 1.09 lakh crore ($14.6 billion) in FY 2021-22," Vaishnaw added.
According to data shared by the minister, Karnataka led the electronics exports chart with exports worth $3,898 million (about Rs 3.22 lakh crore), followed by Uttar Pradesh $3,792 million (Rs 3.13 lakh crore).