New Delhi: Gujarat government has unveiled a new Electronics policy for six year period from 2022-28, aimed at opening new avenues of manufacturing in the state. The new Electronics Policy will not only lay the foundation for a robust & sturdy manufacturing for electronic products in the state but will also give a boost to Prime Minister’s call for Atmanirbhar Bharat.
The Electronics sector is one of the promising & fastest growing industry in the world. With an estimated trade of $2.9 trillion in 2020, the global electronics market saw increased momentum, mostly in the Asia-Pacific region.
As India becomes one of the leading consumers of electronic products including laptops, tablets & smartphones, the demand has reached all-time high. Gujarat govt is taking rapid strides to help grow itself as the new manufacturing hub for affordable & economical electronic products.
The new policy looks forward to:
Generating employment opportunities for more than 10 lakh people in the Electronics Sector by 2028
Make Gujarat a major contributor in the global value chain of semi-conductor manufacturing
To encourage industry-led R&D and innovation across all sectors
To scale up electronics production to the tune of $30 billion, for forex collection through exports.
For propping up the sector, the government has also made certain provisions & relaxations like proving one-time reimbursement of 100% stamp duty & registration fee on sale/transfer of land. One of them is entitling ‘eligible units’ for 7% loan on the interest paid, with a ceiling of Rs 10 crore per annum.
A Gujarat State Electronics Mission (GSEM) has also been set up to facilitate the growth of vibrant Electronics ecosystem. This is likely to go a long deal in transforming Gujarat into a national hub for electronics manufacturing. The GSEM will also run partnership programs with national & international agencies to enable commercialization of the product and also skill development.
In a nutshell, the new Gujarat Electronics Policy will add power to PM Modi’s vision of making India a global hub of electronics manufacturing and reducing its dependency on East Asian countries.
In last few years, the sector has logged remarkable growth. In 2015-16, domestic production of electronics goods stood at $37 billion , which rose to $74.7 billion in 2020-21. India’s share in the global electronics market has also risen sharply from 1.3% (2012) to 3.6% (2019).
