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The Indian market demand for displays over the next five years is likely to be $60 billion amid the 'Make in India' strategy to promote electronic manufacturing, a new report showed on Thursday.

The domestic consumption of display components exceeded $5 billion in 2020 which is estimated to be much greater than $10 billion in 2025, according to the report released by the India Cellular and Electronics Association (ICEA), in collaboration with Grantwood Technologies Pvt Ltd.

"I look forward to the participation of the global key players in establishing the display fabs in India. The policy framework and incentivisation policy for this segment will also be worked upon," said Ajay Prakash Sawhney, Secretary, MeitY, during the virtual launch of the report.

India currently consumes 7-8 per cent of the global display production in India primarily for use in mobile, TV and IT hardware.

"With our current emphasis on electronic manufacturing in India and incentives to trigger this industrial sector, the demand for displays will increase multi-fold. There is no display fab in India today and this is the right time that we direct our focus towards building this strategic core industry in India," said Pankaj Mohindroo, Chairman, ICEA.

The report took a deeper dive into the features of the display manufacturing industry such as economies-of-scale in production, describe the two major technology options such as TFT-LCD and AMOLED displays, highlights the role of the infrastructure and supply chain providers in the display industry and finally recommends a strategy and a plan-of-action for India.

India does not currently have a local display manufacturing industry and all display components have to be imported from overseas suppliers.

"India has the market pull for display-centric electronic products, it needs a plan to bring together capital and know-how for the creation of a display manufacturing industry in India," said Dr G Rajeswaran, Director and CEO, Grantwood Technologies.