Slow sales cloud $500 billion target for domestic electronics market

Most key components in gadgets and appliances, however, continue to be imported

facturing, intellectual property design and creation of homegrown brands. India's semiconductor manufacturing push is also expected to contribute to the $500-billion target.

Emailed queries to the ministry of electronics and information technology remained unanswered till the time of publishing.

Ajai Chowdhry, an industry veteran and co-founder of HCL, said the electronics economy is lagging in value creation.

"If you look at most of the electronics sectors, global brands that rule the Indian markets take most of the economic benefits back to their home nations, namely China and the US. If such an economy is allowed to continue, India will fail to generate value even on the back of net market revenue growth," he said.

"To do this, immediate action to create brands in strategic industries, as well as building a conducive market for private companies to develop patents and IPs in the country, will be key—else we'll clearly fall short of the lofty revenue targets that we've set for ourselves," Chowdhry said.