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Minister of State for Electronics and IT Rajeev Chandrasekhar on Thursday said that India is well positioned to emerge as a major player in electronics and semiconductor manufacturing as part of the China-plus-one diversification strategy.
While addressing Bengaluru Tech Summit he said, “People around the world do not want to depend on China as the only source. China-plus-one diversification is underway. India is well positioned, given the last 5-6 years of efforts made by the country in positioning itself as a significant player in these global value chains (GVCs).”
He also said that 66 per cent of foreign direct investment (FDI) in electronics manufacturing has come to India in the last three years and a growing number of countries and companies are looking at India as a trusted partner in manufacturing and design of electronics products.
According to Chandrasekhar, over 92 per cent of all mobile phones used in the nation in 2014 were imported, while over 97 per cent are now created in India.
He said that in 2014, the nation exported nothing related to the production of electronics.
The nation currently exports machinery worth Rs 70,000 crore.
India’s electronics market is now valued at USD 75 billion, up from USD 10 billion in 2014.
By 2025 or 2026, it is intended to be worth USD 300 billion, which would represent an increase in electronics manufacturing of roughly 26 times in ten years.
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