(MENAFN- IANS) New Delhi, Oct 2 (IANS) The industry on Thursday hailed IT Ministry, under the exceptional stewardship of Minister Ashwini Vaishnaw, for the momentous success of the Electronics Component Manufacturing Scheme (ECMS).

The overwhelming response to the scheme marks a defining moment in India's journey towards Aatmanirbharta, with Indian companies firmly integrated in the global value chains.

ECMS has received an unprecedented response from domestic and global investors alike, garnering investments worth over Rs 1,15,351 crore, and projected to generate production of approximately Rs 10,35,000 crore - nearly double the original targets.

The scheme is now estimated to create 1,41,000 direct jobs, from the 249 applications, representing a 54 per cent increase over the original employment target.

The India Cellular and Electronics Association (ICEA) said this unprecedented quantum of investments epitomises the growing confidence of the domestic and global business community in India's policy stability.

“The manufacturing of sub-assemblies and components will be firmly established in the country now, substantially increasing India's manufacturing prowess and global competitiveness. This scheme is secular and horizontal for all verticals of electronics, thereby building core competency and capacity,” said Pankaj Mohindroo, Chairman, ICEA.

The electronics sector has already demonstrated remarkable scale and capability built through industrial policies, such as the EMC scheme, SPECS and the Production Linked Incentive (PLI) Schemes. The sector has grown at a CAGR of 15 per cent over the last decade to reach $133 billion in 2024-25, with mobile phones contributing the largest share of $64 billion.

The deepening of the ecosystem and the increase in domestic value addition are dependent upon the scale of manufacturing.

“India is now the world's second-largest mobile phone manufacturer, and with ECMS, we are confident that India will emerge as a comprehensive electronics manufacturing hub where Indian Champions will play a critical role on the global stage,” said Mohindroo.

This aligns with the vision of the Prime Minister Narendra Modi. India is now firmly on track to achieve the collective mission of establishing a USD 500 billion domestic electronics manufacturing ecosystem by 2030-31, including $180-200 billion in exports.

-IANS

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