Slow sales cloud $500-bn goal for local electronics

India's cooling consumer electronics market has put a question mark on its lofty aim to achieve annual revenue of $500 billion from electronics manufacturing.

- Shouvik Das

NEW DELHI: While policy and financial measures on the way can help, the country is likely to miss the target by a mile, experts said.

India's domestic electronics industry may clock a total revenue of just $145 billion this year, the consensus estimate of three market researchers showed. This includes the consumer electronics industry: smartphones ($42 billion); laptops, desktops and tablets ($11 billion); and televisions, cameras, audio and accessories ($12 billion). Home appliances are expected to add $80 billion.

In September, Prime Minister Narendra Modi called for achieving a $500 billion electronics economy by 2030; however, this requires an annual revenue growth of 23%, against the 5% or lower growth in every electronics category since the pandemic outbreak.