Singapore: India is expecting USD 56 billion worth of investments over the next four years in the electronics sector to meet its increasing demand, an official has said here.
"We must have an electronics output of USD 400 billion a year by 2020 to meet domestic demand and generate exports worth USD 80 billion," Director in the Department of Electronics and IT Ministry S K Marwaha said.
India has allowed 100 per cent Foreign Direct Investment (FDI) in the electronics sector with a 25 per cent subsidy, he said yesterday during 'India Connect' business forum organised at the ongoing Communic Asia 2016 exhibition being held from May 31 to June 3 in Singapore.
Marwaha underlined the need to increase electronics sector output by USD 300 billion over the next four years, given the strong hi-tech products demand, which will also be coming from the development and retrofitting of 98 Smart Cities across the country.
Current electronics demand in India is USD 100 billion. To date, India has received USD 16 billion of new investments for the electronics sector, according to Marwaha who expects the industry to be USD 100 billion-strong along with USD 28 billion of existing investments and the new USD 52 billion required input.
Marketing campaigns are being held across the world to attract more and more investments in the sector, which also holds the potential of USD 80 billion worth of exports, Marwaha said.
The target is to match imports and exports and even make India a net exporter of electronics goods by shipping out more to the global markets, he said after addressing the forum, which was supported by the Singapore Business Federation.
India is represented by 54 companies in the mega exhibition covering broadcast, communications and related enterprises, organised by the Singapore Exhibition Services.
