Indigenous electronics manufacturing is anticipated to achieve Rs 8.42 lakh crore and export Rs 1.76 lakh crore within the present monetary yr, Parliament was knowledgeable on Wednesday.

Minister of Electronics and IT Ashwini Vaishnaw in his submission to the Lok Sabha mentioned India’s share of worldwide exports has elevated to roughly 1.8 per cent within the present yr from 1.2 per cent final yr.

“The domestic production of electronic items is expected to reach Rs 8.42 lakh crore ($105 billion) in the current FY 2022-23 as compared to Rs 6.40 lakh crore ($87.35 billion) in FY 2021-22 and is targeted to reach Rs 24 lakh crore ($300 billion) by 2025-26,” Vaishnaw mentioned.

The minister additionally mentioned that the export of digital items has elevated from Rs 39,978 crore ($5.96 billion) in FY 2016-17 to Rs 1,09,797 crore in FY 2021-22 ($14.6 billion), exhibiting a compound annual progress price (CAGR) of twenty-two.39 per cent.

“India’s electronic exports are expected to reach Rs 1.76 lakh crore ($22 billion) in the current FY 2022-23 as compared to Rs 1.09 lakh crore ($14.6 billion) in FY 2021-22,” Vaishnaw added.

According to knowledge shared by the minister, Karnataka led the electronics exports chart with exports value $3,898 million (about Rs 3.22 lakh crore), adopted by Uttar Pradesh $3,792 million (Rs 3.13 lakh crore).