India’s electronics production has reached an impressive milestone of about $115 billion in FY24, growing by almost four times in the past decade.
Projections for the next five years are even more promising, with expectations to multiply this figure by five times.
Globally, the electronics market, currently valued at $4.5 trillion, is anticipated to soar to $6.1 trillion by 2030.
These figures highlight an opportunity and a call to action for India to capture its rightful place in the world stage
Central to this vision is the role of capital goods — machinery, tools, and equipment that drive production.
Advanced capital goods enable us to produce high-quality electronics efficiently and at scale.
Our focus should be on developing unique, cutting-edge solutions that serve domestic and global markets.
This demands a significant investment in research and development, supported by policies that encourage innovation and protect intellectual property rights (IPR).
By bolstering our manufacturing infrastructure, we can reduce dependency on imports and ensure a steady supply of high-quality equipment for local consumption.
As India aims to increase its electronics production by five times, the demand for advanced manufacturing technologies will also surge, necessitating a robust domestic capital goods sector.
India’s robust IPR protection can create a secure environment where new ideas can thrive
By promoting strong R&D ecosystem, we can develop indigenous technologies that not only meet international standards but also set new benchmarks in quality and efficiency
Investing in education and training programmes to equip workforce with technical and soft skills is equally vital.
Strong collaboration between industry and academia can foster innovation and ensure that research aligns with industry needs, leading to breakthrough technologies and processes.
Additionally, government policies must support the growth of the capital-goods industry by providing incentives for R&D, facilitating ease of doing business, and ensuring a stable regulatory environment.
India must adopt eco-friendly technologies and processes, enhancing our global competitiveness and positioning India as a responsible manufacturing hub
Reducing the cost of capital can enable Indian manufacturers to invest more in technology and innovation, making them more competitive globally.
COMMENTS