India’s electronic goods exports saw a 49 percent rise at $11.0 billion in the first nine months of 2021 compared to $7.4 billion during the same period a year ago, the Ministry of Commerce & Industry informed in a statement.
The top five export destinations during the period under review were – the USA (18 per cent), UAE (16.6 per cent), China (7.6 per cent), Netherlands (4.5 per cent) and Germany (4.2 per cent).
The electronic goods exports in December 2021 came in at $1.67 billion, up 33.99 percent compared with over $1.25 billion reported in December 2020.
The total electronic goods exports in FY21 stood at $11.11 billion.
“With $11.0 billion exports achieved in the first three-quarters of FY22, the sector is set to break all-time record highs, far exceeding the previous high of $11.7 billion recorded in FY 20,” the ministry added.
IT hardware such as laptops and tablets, consumer electronics like TV and audio, industrial electronics, auto electronics, electronic components, LED lighting, wearables and hearables, Telecom equipment, all come under the Indian IT sector. Mobile Phones accounted for the major part of India’s electronics goods exports.
The Ministry of Electronics and Information Technology (MeitY) recently came up with the second volume of a 5-year blueprint and vision document for the electronics sector; the first volume was launched in November 2021.
The document consists of the guidelines on how to “transform India into a $300 billion electronics manufacturing powerhouse over the next 5 years, from the current US$75 billion. This will make electronics goods among India’s 2-3 top ranking exports by 2026”.
According to the vision document, the electronics goods exports may leap from a projected $15 billion in 2021-22 to $120 billion by 2026.
Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goel shared the achievement on Twitter. He wrote, “Dream run for #MakeInIndia! Electronic goods exports clock a massive 49% growth in Apr-Dec 2021 over the same period in 2020. Govt. unlocking the true potential of our manufacturing sector with positive policy.”
Dream run for #MakeInIndia!
Electronic goods exports clock a massive 4⃣9⃣% growth in Apr-Dec 2021 over same period in 2020. 📈
Govt. unlocking true potential of our manufacturing sector with positive policy.
— Piyush Goyal (@PiyushGoyal) January 27, 2022