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Published on 21/07/2022 12:42:56 PM | Source: Accord Fintech

Electronic goods exports surge 42% to Rs 1.17 lakh crore in FY22: Rajeev Chandrasekhar

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Minister of state for electronics and IT Rajeev Chandrasekhar has said that electronic goods exports from the country grew by about 42 percent to Rs 1,16,894 crore in 2021-22. He said there has been an increase in both manufacturing and exports of electronic goods in the country in the last five years. He pointed out that the export of electronic goods has substantially increased in the period 2017-18 to 2021-22 with a compound annual growth rate of 29 percent whereas the production has grown with a compound annual growth rate of 17.9 percent.

According to data shared by the minister, electronics export from the country were Rs 81,822 crore in 2020-21. The electronics production in the country grew to Rs 5,54,461 crore in 2020-21 from Rs 5,33,550 crore in 2019-20.  He said so far, 314 applicants with an investment of Rs 86,912 crore and committed incentives of Rs 9,544 crore have been approved. Incentives amounting to Rs 1,781.02 crore have been disbursed. Out of 314 units approved, 271 units have invested Rs 31,416 crore and 233 units have started production.

The minister further said that the government has committed Rs 409 crore funds through electronics development, which aims to foster research and development and innovation in technology sectors. Rs 409 crore has been committed through EDF (Electronics Development Fund) to 9 Daughter Funds with a targeted corpus of Rs 2,626 crore. To date, EDF has invested Rs 236.48 crore in 8 Daughter funds with direct employment generation of 18,500.