Exporting Electric Components for Healthcare, Auto, and Industrial Sectors from India.
In the financial year 2021-2022, India’s manufacturing exports have escalated by USD 418 billion. It was a massive leap, by around 40% compared to the previous year. One of the predominant Indian sectors that rule the Indian market and contribute to exports is the electronic systems manufacturing industry. India is the third largest producer of electricity. Export Electric Components from India has increased by 88%, a notable boost from USD 6600 million in FY2013-2014 to USD 12,400 million in FY2021-22.
How Can Foreign Investors Benefit by Entering the Indian Electrical Components Industry?
The enhanced industrial consumption and the push to incorporate renewable energy in the Indian power sector offer several opportunities to foreign firms. Moreover, the liberalized FDI policy has attracted foreign investment of around USD 15.36 billion in the last two decades.
The National Monetisation Pipeline is a holistic approach that provides a major push in seeking investments worth USD 6.12 billion and USD 5.40 billion.
Exporting Opportunities in the Indian Electric Components Industry
Role of the Indian Government
The Government of India has implemented several schemes to enhance the production of electronics. As a result, with robust government support the electronic systems manufacturing industry is projected to reach USD 250 billion by the financial year 2025.
To meet the growing demand for electronic goods, the Ministry of Electronics and Information Technology has incorporated several visionary policies like the ‘Make in India’ initiative, the National Policy on Electronics, etc. These have boosted the growth of the Indian Electric Components Industry in India.
Why Should Foreign Investors Enlist the Assistance of Entry Management Consultancy Firms?
The Indian electronics manufacturing industry is continually expanding and capturing share in the global market. Moreover, the Ministry of electronics and IT vision have anticipated that the sector will reach USD 120 billion by 2026. Even the IT sector is a significant contributor to the country’s GDP. The ACE sector is also projected to reach USD 48.37 billion in 2022.
All these statistics clearly show India to be a sought-after electronic market in the future, opening a wide range of scopes for foreign investments. To make a prominent business presence, foreign investors can take the assistance of reliable Like Tecnova Global.
extend the customized market study to foreign investors and assists them in setting up manufacturing facilities. With the robust assistance of industrial engineering consulting firms, foreign investors can enter this sector and establish their strong business presence.
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