Electronic manufacturing services provider Dixon Technologies said with India aiming to grow its exports to $100 billion in the next five years from the current $10 billion, it is design-led manufacturing and investments by MSMEs that will help create local brands.
"Scale is being created for design-led manufacturing in electronics space. Very soon we may have Indian brands in electronics. We need MSMEs to invest in the electronic ecosystem. Design-led manufacturing is necessary to make manufacturing sustainable," Dixon Technologies Founder and Chairman Sunil Vachani said at Network 18's Rising India.
India is expecting to reach $100 billion in exports of mobile phones in 5 years. Last year, India exported $10 billion mobile phones.
India has a huge opportunity for import substitution in electronic goods as already out of $120 bn domestic demand in the sector, $90 bn is currently made in India, he said.
Also Read: Mobile Phone Exports: India bucks global trend but needs to offer more policy support
It is time that India looks beyond the product-linked incentive schemes and subsidies to make the manufacturing momentum stable. India has provided PLI scheme incentives to boost manufacturing in 14 sectors including electronics.
Currently, the value addition in India is 85 percent in electronic goods, but it's only 15 percent in the case of mobile phones. "It is time to make India a manufacturing hub for global markets," he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
