India is strengthening its position as a world center for electronics production thanks to state support and increased demand for products. This is reported ANI, partner of TV BRICS, with reference to the report of Antique Stock Broking.
According to the forecast, by 2027-2028 financial year, the volume of electronics production in India could reach 330 billion US dollars (about 25.9 trillion rubles). It is expected that the sector will increase by an average of 27 per cent per annum by 2028.
Growth is provided by government support measures, including production promotion programs, as well as the active demand for electronics in industry and daily life.
According to forecasts, the total volume of the Indian electronics market, including imports, by 2028 will reach $ 350 billion (about 27.5 trillion rubles), while the average annual growth rate will be 21.5 percent.
Domestic consumption of electronics in the country is expected to increase from 110 billion dollars (about 8.6 trillion rubles) to 215 billion dollars (about 16.9 trillion rubles). Exports of products may grow from $ 29 billion (about 2.3 trillion rubles) to more than 130 billion US dollars (about 10.2 trillion rubles), which means almost fourfold growth.
Experts note that the COVID-19 pandemic has pushed India to actively develop its own production. Among the advantages of the country are young and skilled labor, the competitive cost of labor, as well as strong engineering and design competencies.
India is also strengthening its position as an electronics development center. More and more companies are moving from a simple assembly to a full cycle – including design development, which helps them increase profits and gain a foothold in the global market.
🔗https://tvbrics.com/news/indiya-rasshirit-proizvodstvo-i-eksport-elektroniki/
