Manufacturing Sector To Play Crucial Role In Journey Towards Viksit Bharat: NITI Aayog

7/17/2024 7:45:20 AM

(MENAFN- IANS) New Delhi, July 17 (IANS) NITI Aayog on Wednesday said the manufacturing sector, led by electronics, will play a crucial role in India's journey towards becoming 'Viksit Bharat', which can be achieved by accelerating 'Make in India' by engaging in Global Value Chains (GVCs).

With this perspective, NITI Aayog is set to release a comprehensive report on the subject suggesting a roadmap for the country to become a manufacturing powerhouse in the Electronics sector.

The report lays down the roadmap for the country to become a global manufacturing hub in electronics manufacturing. In the current scenario, 70 per cent of international trade comprises GVC items emphasising the critical need for India to enhance its GVC participation.

"This can be achieved by prioritizing sectors such as electronics, semiconductors, automobiles, chemicals, and pharmaceuticals, which play a significant role in the GVC landscape,” said NITI Aayog.

Within GVCs, the electronics sector holds a significant position as nearly 80 per cent of electronics exports come from GVCs.

In the financial year 2023, India's electronics sector recorded a significant value of exports, contributing a considerable share of 5.32 per cent to India's total merchandise exports. Presently, India's electronics manufacturing primarily involves the final assembly of electronic goods.

"While brands and design firms have started increasingly outsourcing assembly, testing, and packaging tasks to Electronic Manufacturing Services (EMS) companies in India, the ecosystem for design and component manufacturing is at a nascent stage," the NITI Aayog said.

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