In a significant development for India's electronics manufacturing sector, the production of indigenous electronic goods has witnessed an impressive surge, more than doubling from Rs 3.88 trillion in 2017-18 to Rs 8.25 trillion in 2022-23.
Minister of State for Electronics and IT, Rajeev Chandrasekhar, highlighted this substantial growth in a written response to the Lok Sabha on Wednesday.
The Minister attributed this remarkable achievement to a series of government initiatives and collaborative efforts within the industry. He stated that the compound annual growth rate (CAGR) during this period stood at 16.28 per cent. The expansion from USD 60 billion in 2017-18 to USD 101.9 billion in 2022-23 reflects the strengthening electronic goods production landscape in the country.
Minister Chandrasekhar emphasised the government's commitment to catalyse the semiconductor ecosystem, with a specific focus on enhancing India's burgeoning electronics manufacturing and innovation landscape. Semiconductors, integral components of electronic products, have experienced parallel growth due to the rise in electronics manufacturing.
The Minister further highlighted the import of semiconductor chips worth Rs 1.29 trillion in FY 2022-23, noting the absence of commercial fabs in India. However, the government's dedication to the Semicon India programme, with a total allocation of Rs 76,000 crore, seeks to revolutionize the semiconductor and display manufacturing ecosystem in the nation.
As part of this effort, the modernisation of SemiConductor Laboratory, Mohali, is underway, and Micron Technology Inc's proposal has been greenlit for the establishment of a semiconductor ATMP unit in India, with a capital investment of Rs 22,516 crore.