Investment in the electronics manufacturing sector has jumped over six-fold in a year to reach Rs 1.14 lakh crore by December 2015, Telecom Minister Ravi Shankar Prasad today said.
"Investments in electronic manufacturing reached Rs 1.14 lakh crore by December 2015," Prasad tweeted today.
The minister's tweet shared a picture which showed that the electronic manufacturing space had attracted investment worth Rs 17,390 crore involving 53 units by December 2014.
As many as 159 units attracted investment of Rs 1.14 lakh crore by December 2015.
India Electronics and Semiconductor Association (IESA) President MN Vidyashankar said, "The progressive policies and aggressive focus on 'Make in India' initiative have played a significant part in the resurgence of the electronics manufacturing sector during the year.
Industry body CEAMA President Manish Sharma said that the diversification of the Modified Special Incentive Package Scheme (MSIPS) by the Department of Electronics and IT (DEITY) has given thrust to industry by including 15 more categories across the consumer durables within its scope.
According to CEAMA, there has been a steady increase in the manufacturing base of Consumer Electronics & Home Appliances in six months, in particular the set top boxes.
"Till recently the market of Set Top Boxes have grown to nearly 5 million, and in the meantime it is expected that in the near future up to 70 per cent of manufacturing of STB's will be done in India," Sharma, who is also Managing Director Panasonic India & South Asia, said.
He said that the turnover of consumer electronics during the year 2014 was Rs 45,000 crore and during 2015 it is likely to be Rs 50,000 crore.
On flat panels, he said that manufacturing of flat panel has not started in the country. Some of the entrepreneurs have already come up with the proposal for setting up of the panel manufacturing in the country, he added.
Electronic Industries Association Of India (EIAI) said that it believes 2016 will be a high growth year for electronics manufacturing as a number of investment proposals which have been in the pipeline will fructify and start yielding results.
"Global investors from countries such as Taiwan, Japan and Korea are also waiting in the wings to establish their manufacturing units in India as they see the fastest growing market here," EIAI Secretary General Rajoo Goel said.
Further, the many Electronic Manufacturing Clusters which have been launched in 2014 and 2015 will hopefully become operative in 2016 and manufacturing activity will commence in these industry clusters, he added.
