On Friday, industry experts underscored the necessity for India to foster an environment conducive to the success of Global Value Chains (GVCs) to establish a robust and globally competitive electronics manufacturing sector.
Their comments came in response to a recent NITI Aayog report outlining an ambitious goal of $500 billion in electronics manufacturing by FY2030, alongside the creation of 6 million jobs.
Pankaj Mohindroo, Chairman of the India Cellular and Electronics Association (ICEA), highlighted the critical role of GVCs in stimulating job creation and enhancing technological expertise within the domestic industry.
“GVCs are instrumental in driving extensive manufacturing operations, which scale up production, cut costs, and boost competitiveness,” Mohindroo stated.
As India aims to quadruple its electronics production in the coming years, Mohindroo emphasized that integrating with GVCs is essential for escalating both production and export volumes.
“Our ability to attract and integrate with GVCs will determine our capacity for significant growth beyond the current $115 billion in electronics production,” he noted.
GVCs are vital in modern manufacturing, involving international cooperation across various stages including design, production, marketing, and distribution.
They however constitute 70 percent of global trade, underscoring India’s pressing need to enhance its role in key sectors such as electronics, semiconductors, automobiles, chemicals, and pharmaceuticals.
Electronics are particularly significant, with 75 percent of its exports stemming from GVCs.
The sector has seen rapid expansion, growing from $48 billion in production in FY17 to $101 billion in FY23, largely driven by mobile phones, which now make up 43 percent of the total electronics output.
Mohindroo stressed the importance of capitalizing on the current opportunity to create a supportive environment for GVCs in India, urging policymakers and industry stakeholders to act swiftly to achieve the envisioned growth.
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