Aimed at boosting the production of electronic goods in the country and generating more jobs, the Centre is likely to rollout new electronic policy next year.
The Ministry of electronics and information technology (MeitY) is already working on a draft and it will start consultations with stakeholders soon, an official in the ministry told DH. The NDA government has set the target of net zero imports in electronics by 2020, and the new policy will focus not only on ramping up domestic production, but also on making India as an export hub, said the official.
The government had first unveiled an Electronics Manufacturing Policy in 2012, which included schemes such as Modified Special Incentive Package Scheme (M-SIPS), electronic clusters and electronic development fund. With the existing policy expiring next year, the new policy will be better aligned to the present times, said the official. The government is aggressively pushing growth in electronic manufacturing, IT/ITeS, cyber security, telecom, ecommerce and digital payments.
The recent study by Assocham and NEC says that the demand for electronic products in India is expected to grow at a CAGR (compound annual growth rate) of 41% during 2017-2020 to reach $400 billion by 2020. The domestic production, which is currently growing at a CAGR of 27%, may touch $104 billion, leaving a huge gap for import to the extent of $300 billion.
By Baishakhi Dutta
