The export of electronic goods has substantially increased in the period 2017-18 to 2021-22 with a compound annual growth rate of 29 per cent
The Minister of state for electronics and IT has now stated in the parliament that the export of electronic goods swelled 42 percent, which is around Rs 1.17 lakh crore in the past FY. This is quite a rapid escalation of profits both in terms of export of the electronic items and also manufacturing of electronic products, according to Minister of state for electronics and IT Rajeev Chandrasekhar.
According to the data shared in the upper house of the parliament, the nation's export of electronic items was Rs 81,822 crore in 2020-21, which escalated to Rs 1,16,894 crore in 2021-22. On the other hand, the production of electronic goods in the country also augmented from Rs 5,33,550 crore in 2019-20 to Rs 5,54,461 crore in 2020-21. To justify the facts mentioned above, minister Chandrashekhar told the media, “The export of electronic goods has substantially increased in the period 2017-18 to 2021-22 with a compound annual growth rate of 29 per cent whereas the production has grown with a compound annual growth rate of 17.9 per cent.”
Apart from showcasing the facts of the revenues, the government also highlighted accurate details of various schemes, which also comprise of a PLI scheme for large-scale electronics manufacturing, an electronic development fund, a phased manufacturing programme etc. According to the experts there are around 314 applicants that are worth Rs 86,912 Crore of investments and Rs 9,544 Crores of investments have already been committed and sanctioned by the government. Incentives amounting to Rs 1,781.02 crore have been disbursed. Out of 314 units approved, 271 units have invested Rs 31,416 crore and 233 units have started production, as per a report of the PTI.
During a session in the Lok Sabha, the minister of state for electronics and IT opined that the authority has already made up their minds and decided to invest Rs 404 Crore via electronics development whose main objective is to spearhead innovation, research and development in various technology domains. “Rs 409 crore has been committed through EDF (Electronics Development Fund) to 9 Daughter Funds with a targeted corpus of Rs 2,626 crore. Till date, EDF has invested Rs 236.48 crore in 8 Daughter funds with direct employment generation of 18,500,” added Chandrashekhar.