Finance
India’s export of electronic goods rose by almost 88% from USD 6600 Million in 2013-14 to USD 12,400 Million in 2021-22. Mobile phones, IT hardware (laptops, tablets), consumer electronics (TV and audio), industrial electronics and auto electronics are key exports in this sector.
The National Policy on Electronics 2019 (NPE 2019) aims to position India as a global hub for Electronics System Design and Manufacturing (ESDM) by encouraging and driving capabilities in the country for developing core components and creating an enabling environment for the industry to compete globally. Four schemes namely the Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing, Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Modified Electronics Manufacturing Clusters Scheme (EMC 2.0) the Production Linked Incentive Scheme (PLI) for IT Hardware have been introduced to give boost to the electronics sector and establish the necessary ecosystem.
India has been seeing consistent growth in exports. It may be noted that India’s merchandise export in January 2022 increased by 23.69% to USD 34.06 billion over USD 27.54 billion in January 2021; recording an increase of 31.75% over USD 25.85 billion in January 2020.
India’s merchandise export in 2021-22 (April-January) rose by 46.53% to USD 335.44 billion over USD 228.9 billion in 2020-21 (April-January); marking an increase of 27.0% over USD 264.13 billion in 2019-20 (April-January).
The government has been taking up a number of proactive steps to boost exports. Anexport monitoring desk has been set up to help remove impediments, constraints and bottlenecks faced by the export sector, especially during the pandemic.
Various Acts under the Department of Commerce are being reviewed to remove redundancies and outdated provisions. Several bilateral trade agreements are being pursued with great vigor. The government is committed towards developing each district in India as an export hub through initiatives such as One District One Product (ODOP). Support is also being extended to exporters through various exporters-oriented schemes. Efforts are being made to reducing compliance burden through rationalization and decriminalization and several initiatives are being undertaken to improve the ease of doing business.
An IT based platform for providing exporters licensing and addressing their grievances is in the works. The Government is also working on enhancing value of branding of Indian exports to improve India’s global standing as a reliable supplier and proactive steps are being undertaken to align the nation with the global value chain.
Source:PIB
