Indian Electronics Manufacturing Sector Set to Reach $115 Billion in 2024

Date:

November 20, 2024

India’s electronics manufacturing sector is on track to become a $115 billion industry in 2024, according to the India Cellular and Electronics Association (ICEA). This growth is primarily driven by the expanding domestic demand for consumer electronics and the country’s increasing role as a global manufacturing hub. The government’s initiatives such as the Production Linked Incentive (PLI) scheme have played a crucial role in attracting investments from leading global brands, including Samsung, Apple, and Xiaomi, which are setting up large-scale manufacturing operations in India. The sector’s rapid expansion is also paving the way for increased exports, with India set to become a key player in global electronics supply chains. As more global companies shift their production bases to India, this transition is expected to contribute significantly to India’s goal of becoming a $5 trillion economy.

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