Imports dropping? Thanks to the rising localisation. India’s electronics imports reportedly fell 7% in FY24 as major firms like Samsung and Apple embraced ‘Make-in-India’.
India’s electronics import value saw a decline in FY24, driven by growing localisation efforts and the impact of the government’s ‘Make-in-India’ initiative. According to a report by the Economic Times, major electronic firms like Samsung, Apple, Whirlpool, Dixon, and Havells experienced a reduction in imports, marking a significant shift in India’s electronics manufacturing landscape.
The combined import value of eight leading electronics companies fell 7% year-on-year (YoY) in FY24, totalling ₹951.43 billion, according to regulatory filings with the Registrar of Companies (RoC).
This drop follows a surge in imports, which had crossed ₹1 trillion in FY22 and continued to rise in FY23. Industry executives noted that this import decline is likely the first-ever, as the consumer electronics sector has traditionally relied heavily on imports.
Among the companies, Samsung and Apple’s Indian units reported more than a 7% decrease in imports as they ramped up their localisation strategies. Whirlpool saw a more significant 22% drop in imports, while Haier and Amber reported stable import levels.
Sunil Vachani, chairman of Dixon Technologies, attributed the decline in imports to increased local manufacturing, particularly in home appliances like refrigerators, air conditioners, and washing machines. Critical components such as compressors, motors, and heat exchangers are now being produced domestically.
The government’s Production-Linked Incentive (PLI) scheme has played a pivotal role in promoting domestic manufacturing. In the 2024-2025 interim budget, the PLI scheme for large-scale electronics manufacturing received a major boost, with funding raised by nearly 1.5 times, reaching ₹62 billion.
This followed last year’s approval of 27 companies, including Dell, HP, Foxconn, and Lenovo, for the PLI scheme focused on IT hardware. Forty companies, including the aforementioned tech giants, applied for the initiative.
