An Analysis upon Growth and Trends of Indian Electronic Industries: Present Scenario | Original Article
Electronics, a USD 1.75 trillion industry, is one of the largest and fastest growing industries in the world. Indian Electronics Industry can become one of the top performing industries based on its huge potential and big aims towards delivering higher performances. Presently, the size of Indian Electronics Industry is about USD 84 bn (Rs. 5,04,000 Cr) and is likely to reach USD 94.2 bn (Rs. 5,65,000 Cr) in 2015 with expected growth rate of 9.9% which is more than twice the growth rate of global electronics market. Currently, Indian Electronics Industry fulfills its 65% of demand from imports and only 35% demand is catered by local market. The demand for electronics hardware and goods is expected to reach up to approx. USD 400 bn (approx. Rs. 24,00,000 Cr) by the year 2020. But, electronics hardware production in the country is projected to reach to USD 104 bn by the year 2020, creating a massive gap of USD 296 bn (approx. Rs. 17,76,000 Cr) between supply and demand. To cope up with the potential electronics crisis, government of India is constantly modernizing and upgrading certain policies which include various policies like National Policy on Electronics (NPE), Electronics Development Fund, ‘Digital India’, ‘Make in India’ ‘Made in India, Made for World’, etc. massive employment initiatives for 2.8 Cr workforce to boost Indian electronics industry, under NPE over the period of next 8 years, etc. This research paper takes an overview of Indian electronics industry and the outcome of this research should be useful for business organizations, industry and government institutions operating in Indian electronics industry. Consumer electronics have become an integral part of daily life and revolutionized the way we communicate, retrieve information, and entertain ourselves. Between cell phones, computers, televisions, iPads, and e-Readers, it is estimated that the average person in the India uses various electronic products. Rapid technological advancements and growth in the electronics industry have led to a constant stream of new products and a resulting decrease in the life span of electronics.