India’s electronics and electrical industry must aim to increase exports to $100 billion within the next five to seven years, said Commerce and Industry Minister Piyush Goyal. Speaking at the 16th Edition of ELECRAMA, organized by the Indian Electrical and Electronics Manufacturer’s Association (IEEMA), Goyal emphasized the need for strengthening supply chains, enhancing quality standards, and boosting global competitiveness.
India’s Rising Electronics Export Potential
The minister highlighted India’s remarkable progress in electronic goods exports, which have now become the country’s second-largest export category, compared to 167th place in 2015. In January 2024 alone, electronic goods exports reached $3 billion, reflecting the industry’s rapid growth and global market penetration.
Goyal called on industry stakeholders to work collaboratively to further enhance competitiveness, drive innovation, and establish India as a global leader in electronics and electrical manufacturing.
Resilient Supply Chains and Quality Enhancement
The minister urged the sector to build more resilient supply chains, ensuring that Indian manufacturers provide high-quality goods and services at globally competitive prices. He encouraged industry players to prioritize advanced manufacturing processes, technology-driven solutions, and efficiency improvements to position India as a preferred export hub.
Also read: India Leads AI Adoption and Governance, Says Sitharaman
Balancing Growth with Consumer Interests
Goyal also stressed the importance of balancing the interests of the industry, MSMEs, and consumers. He cautioned against protectionist policies, stating that overprotection can ultimately hurt consumers. Instead, he called for a market-driven approach, where businesses focus on delivering better value, competitive pricing, and technological advancements.
