New Delhi [India], July 17 (ANI): NITI Aayog is set to release a report titled “Electronics: Powering India’s Participation in Global Value Chains” on July 18.
The report is the result of an in-depth analysis of India’s electronics sector, examining its opportunities and challenges. It outlines a strategic plan for the country to become a global leader in electronics manufacturing.
Currently, 70 per cent of international trade involves Global Value Chain (GVC) items, highlighting the urgent need for India to increase its GVC participation, read the press release.
This can be achieved by focusing on key sectors such as electronics, semiconductors, automobiles, chemicals, and pharmaceuticals, which are crucial in the GVC landscape, it added.
The electronics sector is particularly significant, with nearly 80 per cent of electronics exports stemming from GVCs.
In the financial year 2023, India’s electronics sector achieved substantial export value, contributing 5.32 per cent to the nation’s total merchandise exports, it said.
This performance underscores the sector’s global competitiveness and ability to meet international demand, enhancing India’s status in the global electronics market.
The sector’s high GVC participation spans multiple countries and economies, involving numerous geographies and firms.
At present, India’s electronics manufacturing mainly focuses on the final assembly of electronic goods. While brands and design firms are increasingly outsourcing assembly, testing, and packaging tasks to Electronic Manufacturing Services (EMS) companies in India, the ecosystem for design and component manufacturing is still developing, read the release.
The manufacturing sector is pivotal to India’s goal of becoming a “Viksit Bharat” (Developed India). This can be achieved by accelerating the Make-in-India initiative and engaging in Global Value Chains.
In this context, NITI Aayog is set to release a detailed report offering a roadmap for India to emerge as a powerhouse in electronics manufacturing. (ANI)
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