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India must diversify electronic imports to cut China dependence
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SME Times News Bureau | 22 Jun, 2020
In case, India seeks to reduce its reliance on China for electronic
goods, it can do so by increasing shipments from other countries, until
indigenous production of these items picks up, MVIRDC World Trade Center
Mumbai said on Monday.
Accordingly, the trade organisation said that there is a tremendous potential for electronic manufacturing in India.
The country's total electronic goods production grew to Rs 5.33 lakh crore in 2019-20 from Rs 1.73 lakh crore in 2013-14.
These
electronic goods include consumer electronics, industrial electronics,
computer hardware, mobile phones, strategic electronics, electronic
components and light emitting diodes.
In recent years, the
Centre has introduced various programmes, including production linked
incentives, Electronic Manufacturing Clusters, Scheme for Promotion of
Manufacturing of Electronic Components and Semiconductors (SPECS) and
M-SIPS to promote indigenous manufacturing of electronic goods.
"Until
such time these schemes result in increase in domestic production,
India can diversify its imports of electronic goods away from China,"
the trade organisation said in a statement.
"For instance, India
can source integrated circuits from Singapore, USA, Malaysia and Japan,
which are the other prominent exporters of these goods after China.
India can increase its import of colour television sets from Malaysia,
Vietnam, Singapore and USA, that are the other top suppliers of this
product after China."
For meeting demand for subscriber-end
equipments that are used in telecom industry, India can enhance imports
from Singapore, Taiwan, Germany, Israel and Japan.
Besides, the
country can diversify import of non automatic voltage regulators and
stabilizers by sourcing from Singapore, USA, Italy and Denmark, it said.
"Between
2014 and 2020, India's production of electronic goods has grown at an
impressive CAGR of 20.6 per cent significantly higher than India's
nominal GDP growth of 11-12 per cent during this period," Rupa Naik,
Senior Director, MVIRDC World Trade Center Mumbai said in a statement.
"There
is tremendous potential for electronic manufacturing in India given the
progressive policy thrust and vast consumer market."
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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Euro
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75.65 |
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| As on 12 Jul, 2020 |
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