India Set to Become Global Electronics Manufacturing Hub under PM Modi's Leadership: ICEA Chairman
India is on the cusp of becoming a major global electronics manufacturing destination under Prime Minister Narendra Modi's visionary leadership, according to Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA). Highlighting the substantial growth in mobile phone manufacturing, which has reached $50 billion over the past decade, Mohindroo emphasized that this progress lays a solid foundation for broader electronics manufacturing growth.
Mohindroo stressed the need for rapid acceleration across all electronics sectors to meet India’s global manufacturing aspirations. "We must advance in IT hardware, laptops, desktops, servers, consumer electronics, auto electronics, and all other verticals for India to emerge as a leading global electronics manufacturing hub", he told.
A recent ICEA report projects India’s electronics production to soar to $300 billion by FY26. This growth is expected to drive a significant demand for semiconductors, estimated between $90-$100 billion, primarily fueled by domestic mobile phone manufacturing. This ambitious target reflects a quadrupling of growth over the past decade, underscoring the importance of sustained, dynamic leadership to maintain momentum.
India’s domestic electronics market is forecasted to grow from $65 billion to $180 billion over the next five years. Mohindroo highlighted that this surge will position electronics as one of India’s top-ranking exports by 2026. The expected increase in exports, projected to rise from $15 billion in 2021-22 to $120 billion by 2026, will play a crucial role in establishing India as a formidable player in the global electronics market.
The growth trajectory is set to transform India’s economic landscape, fostering job creation and technological advancement. The country’s focus on developing a robust electronics ecosystem is aligned with its broader strategy to enhance global competitiveness and drive economic growth. The sustained efforts and visionary policies under PM Modi’s leadership are pivotal in realizing this potential, propelling India to the forefront of global electronics manufacturing.