(MENAFN- IANS) New Delhi, Oct 18 (IANS) The surge in demand has directly translated into double-digit growth in India's electronics manufacturing sector, generating employment for over 25 lakh people across the country, Railways and Electronics and IT Minister, Ashwini Vaishnaw, said on Saturday.

India has also surpassed its neighbouring country in smartphone exports to the United States, one of the world's largest consumer markets he said during an event here.

“A major global company now manufactures 20 per cent of its total production in India, reflecting the country's emergence as a preferred global manufacturing destination. As demand increases, investment rises, and in turn, further boosts demand - creating a virtuous cycle of economic growth,” he mentioned.

Vaishnaw noted that GST reforms have brought structural stability to the economy, particularly benefitting middle-class households by moderating food inflation.

Over the past four consecutive months, food prices have shown a deflationary trend of around 2 per cent, helping maintain household purchasing power and supporting sustained consumer demand.

Highlighting a key milestone in India's technology ecosystem, Vaishnaw announced that production has commenced at two semiconductor manufacturing facilities - CG Semi and Kaynes - marking a crucial step in India's journey towards semiconductor self-reliance.

“With these plants going live, India has entered a new phase in its semiconductor ecosystem, aligning with the Prime Minister's vision of a technologically empowered and self-reliant Bharat,” he said.

Referring to macroeconomic data, Vaishnaw said that out of India's Rs 335 lakh crore GDP last year, Rs 202 lakh crore came from consumption and Rs 98 lakh crore from investment.

He informed that this year's Navratri season witnessed record-breaking sales in the electronics sector, registering a 20–25 per cent increase compared to last year.

“All major retail chains have reported unprecedented demand across product categories - from televisions and washing machines to smartphones and air conditioners. Notably, 85-inch televisions were completely sold out, and many families upgraded their appliances to newer models, reflecting rising consumer confidence and purchasing power,” he said.

-IANS

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