🎯India's Bold Move for Electronics components manufacturing

Written by ANJUSHA & SREELATHA

🎯India's Bold Move for Electronics components manufacturing 

So here's some exciting news straight out of the tech -policy world.The union cabinet has approved a ₹22,919 crore scheme to support the manufacturing of passive and non-semiconductor components.The scheme aimed at strengthening India's position in the global electronics supply chain.🌍⚡

What's the scheme Aimed to Do?

  • create over 51,000 direct jobs👩‍🏭
  • Attract investments worth ₹58,058 crore💰
  • support the development of critical components for telecom, consumer electronics, automobiles, medical devices and more.🛠️

Why now?

India's been importing a lot of these components, which adds to a pretty huge trade deficit. In 2023 alone, India's USD 10.3 billion. According to industry estimates, this deficit could balloon to USD 248 billion by 2030.🚨

Expected Impact 

The scheme is aligned with national policy objectives such as 'make in India' and 'Atmanirbhar Bharat '(self -Reliant India) and seeks to:

  • enhance the competitiveness of Indian manufactures🚀 
  • reduce the electronics trade deficit🧮 
  • strengthen the supply chain for critical industries🔗.

With the government support, The Electronics Industries Association (Elcina) estimates that the import deficit in the passive component segment alone could be reduced from USD 248 billion (₹21.36 lakh crore) to USD 102 billion (₹8.63lakh crore) by 2030.📉

Conclusion 

The ₹22,919 crore scheme represents a significant step forward transforming India into a global manufacturing hub for electronics .🏭🌟By reducing the country's import dependency, this policy is expected to drive economic growth, innovation and job creation across the country.🌱💼


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