According to official sources, the government intends to develop an improved PLI program for IT gear and electronics as well as a production-linked incentive program for wearables and hearing aids. Rajeev Chandrasekhar, Minister of State for Electronics and IT, stated that the goal of Prime Minister Narendra Modi is to have mobile phone exports rank among India’s top 10 exports by 2023.
Rajeev Chandrasekhar told that in 2023, the government will consider expanding the manufacturing base beyond mobile phone manufacturing and will take all necessary steps to strengthen the nation’s ecosystem for electronics manufacturing.
According to Rajeev Chandrasekhar, PM Narendra Modi Ji’s ambition for 2023 is for mobile phone exports to reach Rs 1 lakh crore and rank in the top 10 export categories.
Around Rs. 45,000 crore worth of mobile phone exports came from India, and Apple and Samsung led the market. In order to enhance its worldwide market share in the hearables and wearables category, IT hardware, electronic components, etc., the minister stated that the government is aiming to expand the electronic manufacturing environment beyond mobile phones.
The government intends to develop a production-linked incentive program for wearables, hearables, as well as an upgraded PLI program for IT hardware and electronics components to increase local production, according to official sources, even though the minister did not go into detail about the specific measures. “By enlarging and enhancing the ecosystem, we’ll complement our success with mobile phones. The semiconductor industry has used the deepening strategy. We obviously wish to expand our component industry. As we expand, we intend to succeed in the wearable, hearable, and server hardware markets in addition to the mobile phone market. All of these are global areas that are expanding quickly “added the minister.
In the domain of wearable and hearable devices, Indian brands like Imagine Marketing (BoAt) and Fire-Boltt now rank among the top-selling brands globally.
High-speed broadband and 5G are driving data growth, which in turn is driving up demand for data centers and servers.
The Indian server market was estimated to be worth USD 1.6 billion in 2022 and is projected to expand at a compound yearly growth rate of 7.19%, according to market research firm Research And Markets.