The government is on track to meet the $300 billion electronics manufacturing target, representing a massive 20-25 times increase in almost a decade, according to Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Tuesday.

According to the Vision Document 2.0 prepared by the IT Ministry and the India Cellular and Electronics Association (ICEA), India can reach $300 billion in electronics manufacturing and exports by 2025-26 if specific product segments with high potential for scale are shortlisted and catered to through incentives and policy measures, IANS reported from New Delhi.

“In 2014, electronics manufacturing was worth about $12 billion, and India’s target for the next decade, by 2026, is $300 billion, representing a 20-25x increase in 11 years.” “Many thanks to Prime Minister @narendramodi ji’s decisive policies and governance,” Chandrasekhar tweeted.

Led by locally manufactured mobile phones, India’s electronics industry saw record exports of electronic goods of Rs 1,85,000 crore in FY22-23, up from Rs 1,16,936 crore in FY21-22, a whopping 58 percent increase.

According to ICEA data, mobile phone exports broke the $10 billion barrier for the first time in any fiscal year in FY23, reaching an estimated $11.12 billion (over Rs 90,000 crore).

From $37.1 billion in 2015-16 to $67.3 billion in 2020-21, the electronics manufacturing industry grew. However, Covid-19-related disruptions impacted the growth trajectory in 2020-21, resulting in a $67.3 billion decrease in manufacturing output.

Furthermore, if import substitution continues, India’s domestic electronics market is expected to grow from $65 billion to $150-180 billion in the next 4-5 years.

“As a result, exports of $120-140 billion are critical for electronics manufacturing to reach the $300 billion mark.” This, in turn, is critical for MeitY‘s $5 trillion economy, $1 trillion digital economy, and $1 trillion export target, as well as the Ministry of Commerce and Industry’s $1 trillion export target,” the Vision Document 2.0 stated.

“India is a top contender for alternative solutions for global electronics companies.” In the next 3-5 years, the electronics sector has the potential to become one of India’s top exports. “Electronics exports may make significant contributions to the Indian economy in terms of foreign exchange earnings and job creation.”