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Domestic electronics production likely to reach Rs 8.42 lakh crore in FY23: Ashwini Vaishnaw
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Minister of Electronics and IT Ashwini Vaishnaw has 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 (FY23). He said India's share of global exports has increased to around 1.8 per cent in the current year from 1.2 per cent last year.
He mentioned 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.
He 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 (CAGR) of 22.39 per cent. 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).
