India’s ElectronicsHardware Exports Achieve Remarkable 50.25% Growth : ESC Study

India’s ElectronicsHardware Exports Achieve Remarkable 50.25% Growth : ESC Study

6th February 2024 – The recent analytical report released by the Electronics and Computer Software Export Promotion Council (ESC) for the fiscal year 2022-23 reveals a noteworthy 50.25% surge in exports of electronics goods and components compared to the previous year, amounting to an impressive US$ 23.58 billion.

Mr. Sandeep Narula, Chairman of ESC, highlights the significance of this growth, stating, “This surge, from US$ 15.69 billion in 2021-22 to US$ 23.58 billion in 2022-23, underscores steady and impressive growth in India’s global electronics market.” He attributes this robust expansion to supportive government policies and the electronics industry’s determination to advance within the value chain.

The comprehensive report on the electronics hardware sector was unveiled at IndiaSoft 2024 and the 9th edition of the India Electronics Show in New Delhi. These events, attended by over 600 delegates from 70-plus countries, proved to be catalysts for substantial business, generating billions of dollars for companies showcasing their products, solutions, and devices. Notably, key figures in the Indian ICT sector, including Padmashree Shri Saurabh Srivastava, Shri M.L. Tandon, Dr. Lalit Kanodia, Dr. Ankur Bhatia, and Shri Sunder T Vachani, were acknowledged for their significant contributions.

ESC’s analysis reveals remarkable growth in high-value additions in the electronics instruments and components category, with a 41% increase in electronics components exports during 2022-23. The export value of electronic components/sub-assemblies surged from US$ 3.6 billion in 2021-22 to US$ 5.20 billion in 2022-23, with solar panels emerging as a top export item valued at US$ 1.03 billion. Indian solar panel manufacturers achieved an impressive value addition of over 40%.

Mr. Gurmeet Singh, Executive Director of ESC, notes, “This is a significant development demonstrating the upward movement of the Indian solar industry in tandem with the global solar market.” Other key exports in this subsector include lead-acid accumulators, transformers, monolithic ICs, PCBs, and passive components.

The export of electronic instruments also witnessed a commendable 23% growth in 2022-23, driven by major items such as rectifiers, inverters, battery chargers, and ATMs.

Mr. Narula attributes this success to the visionary leadership of Prime Minister Shri Narendra Modi, transforming India into a technological powerhouse. He underscores the need for sustained momentum, advocating for the introduction of additional incentive schemes to fuel innovation, attract investments, and create a conducive environment for the technology sector to thrive. These initiatives, along the lines of PLI and DLI, are crucial for positioning India as a global leader in technological innovation and a vital contributor to the global value chain.