The domestic electronic production is likely to hit Rs 8.42 lakh crore and export Rs 1.76 lakh crore in the contemporary financial year, and regarding this concern the Parliament was informed on Wednesday.
The proposal submitted to the Lok Sabha by Ashwini Vaishnaw, Minster of Electronics & Information Technology (IT), said that India’s share for global exports drastically increased from 1.8 per cent to the current year from 1.2 per cent last year .
This domestic production of electronics is to be expected to extend Rs 8.42 lakh crore (USD 1.5 billion) in the present year FY 2022-23 in contrast to Rs 6.40 lakh crore ( USD 87.35 billion) in FY 2021-22 and is targeted to reach USD 300 billion by 2025-26, stated by Vaishnav.
The minister also said that the export of electronic products has increased from Rs 39,978 crore (USD 5.96 billion) in FY 2016-17 to Rs 1,09,797 crore in FY 2021-22 ( USD 5.96 billion), displaying a compound yearly growth rate (CAGR) of 22.39 per cent.
According to the reports shared by the minister, Karnataka took electronics exports chart with exports worth Rs 3.22 lakh crore (USD 3,898 million), which is followed by Uttar Pradesh Rs 3.13 crore (USD 3,792 million).
