FY24 sees decline in electronic imports, thanks to Make in India: Report

As per the data, India unit of Samsung and Apple reported more than 7 percent YoY decline in imports as they pushed localisation strategies.

Due to the impact of 'Make in India' and growing localisation, there has been a decline in imports in financial year 2023-2024 by major electronic firms like Samsung, Apple, Whirlpool, Dixon and Havells, probably for the first time ever, Economic Times reported.

The combined import value of eight electronics firms, fell 7 percent year-on-year in FY24 to Rs 95,143 crore, report added quoting regulatory filings of these companies with the Registrar of Companies (RoC).

The total import value of these companies had crossed Rs 1 lakh crore in FY22 and increased further in FY23, report further stated.

The fall in imports in FY24 was the first in at least six fiscals, the report said adding that industry executives said it was probably the first ever, as the consumer electronic industry has traditionally depended heavily on imports.

"Value addition in India has become high in home appliances like refrigerators, ACs and washing machines, where all critical components like compressors, motors, sheet metal, heat exchangers are now locally manufactured," Sunil Vachani, chairman of Dixon Technologies told the publication.

Also Read | Electronics manufacturers urge Indian Govt to introduce PLI scheme for components, wearables

Companies report dip in imports

As per the data, India units of Samsung and Apple reported more than 7 percent YoY decline in imports as they pushed for localisation strategies.

Whirlpool posted a steep 22 percent drop while import value remained almost stagnant for Haier and Amber.

PLI scheme

The government's flagship production-linked incentive (PLI) scheme for large-scale electronics manufacturing received a major boost in this year's interim Budget in February with a nearly 1.5x increase, increasing its outlay to Rs 6,200 crore for 2024-2025.

Last year, 27 companies, including Dell, HP, Foxconn and Lenovo were approved for the PLI scheme for IT hardware, Minister for Electronics and Information Ashwini Vaishnaw had announced in November. As many as 40 companies, including Dell, HP, and Lenovo, had applied for the scheme.