A recent report from the Electronics and Computer Software Export Promotion Council (ESC) for the fiscal year 2022-23 showed a significant 50.25% increase in electronics exports from India, totaling US$ 23.58 billion. The growth, up from US$ 15.69 billion the previous year, reflects India’s expanding presence in the global electronics market.
Key Highlights:
- Electronics exports from India increased by 50.25% in 2022-23, reaching US$ 23.58 billion.
- The growth attributed to government policies and industry efforts to advance in the global value chain.
- High-value additions noted in electronics components, with a 41% increase in exports.
- Solar panels emerged as a top export item, valued at US$ 1.03 billion.
- The Indian solar industry is aligning with global market trends, demonstrating significant value addition.
The Electronics and Computer Software Export Promotion Council’s (ESC) analysis for the fiscal year 2022-23 documents a notable surge in exports of electronics goods and components, with an export volume of US$ 23.58 billion. This growth is a significant jump from the US$ 15.69 billion recorded in 2021-22.
Mr. Sandeep Narula, Chairman of ESC, emphasized the steady growth in India’s contribution to the global electronics market, attributing this success to supportive government policies and the electronics industry’s efforts to climb up the value chain. The findings were presented during IndiaSoft 2024 and the India Electronics Show in New Delhi, which saw participation from over 600 delegates from more than 70 countries, facilitating extensive business opportunities.
The report detailed remarkable growth in the electronics instruments and components sector, particularly highlighting a 41% increase in the export of electronics components during the fiscal year. The export value of electronic components and sub-assemblies rose to US$ 5.20 billion, with solar panels being a significant export item, bringing in US$ 1.03 billion.
Mr. Gurmeet Singh, Executive Director of ESC, pointed out the significant progress of the Indian solar industry, which reflects a broader trend in the global solar market. The report also noted increased exports in electronic instruments, with a 23% growth, driven by items such as rectifiers, inverters, battery chargers, and ATMs.
Mr. Narula credited the leadership of Prime Minister Narendra Modi for transforming India into a technological hub and stressed the importance of continued momentum in this sector. He called for the introduction of additional incentive schemes to foster innovation, attract investments, and create a favorable environment for the technology sector, aiming to secure India’s position as a leader in global technological innovation and a key player in the global value chain.
