- Vinod Sharma, Managing Director, Deki Electronics Ltd, mentioned the same to Zee Media
- A lot of Indian companies depend on Chinese imports for manufacturing electronics in the country
Vinod Sharma, Managing Director, Deki Electronics Ltd, told Zee Media that the CII, sector association and government, have together framed the second National Policy of Electronics during the past few months. This new policy, as Sharma informed, will transform India into a $400 billion electronics consumption market in the next five years.
Sharma also explained that once India becomes $400 billion consumption market, the next aim will be to enable the country to export electronics worth at least US$100 billion.
Industries moving out of China an opportunity for India
Union Minister for MSME and road transport and highways Nitin Gadkari had earlier said that industries should keep a positive outlook and tap the opportunities that may arise after COVID pandemic is over.
The minister had emphasized that special focus towards export enhancement is the need of the hour. Further, he mentioned that there is also need to focus on import substitution to replace imports with domestic production.
India imports roughly US$60 billion worth of electronics annually. A majority of these are imported from China.
Gadkari had recalled that Government of Japan has offered special package to its industries for taking out Japanese investments from China and move elsewhere. He opined that it is an opportunity for India which should be grabbed.
The government of India has already announced schemes worth more than Rs 48,000 crores for the electronics sector.