IESA Says India’s Electronic Market will Reach $1 Trillion by 2028

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India Electronics and Semiconductor Association (IESA) views that 5G will boost the Electronics System Design and Manufacturing sector of the country

Anilkumar Muniswamy Chairman, IESA

According to the India Electronics and Semiconductor Association (IESA), the country’s electronics market will reach $1 trillion by 2028 following the growth in domestic production of mobile handsets.

“India’s electronics market is expected to reach to $600 billion by 2026 and $1 trillion by 2028 as per revised figure submitted to the government,” Anil Kumar Muniswamy, Chairman, IESA was quoted by ET. He added that around 147 mobile handset makers have started manufacturing operations in the country with 1 billion devices already being shipped.

5G a potential opportunity 

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IESA views 5G as a potential opportunity for the Electronics System Design and Manufacturing (ESDM) sector. Rajesh Ram Mishra, President, IESA, said that 5G was one of the top opportunities that the Association recognised. Since then, it had been working closely with the government for deploying the 5G standards.

He added, “There will be massive opportunity in 5G era as everything will be moving to the cloud.” He believes that the new technology will play an enabling role in the electronics ecosystem.

Focus on PMA

The industry body said that the government should ensure Preferential Market Access (PMA) to startups which, according to it, can also look at opportunities worldwide with the government providing financial assistance.

Preferential market access tools are used by countries to control the import of products and encourage domestic manufacturing. PMA can also be seen as the practice of introducing policies that are designed to favour domestic firms.

IESA represents around 300 companies, comprising 70 startups. The government’s ‘Make in India’ initiative has promoted local production of electronic goods over the past few years. The sector is currently contributing $120 billion annually.

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