The upcoming government should continue to prioritise innovation, youth empowerment, and entrepreneurship, in line with the overall focus on governance, development, and performance, electronics industry experts said on Wednesday.
According to Varun Gupta, Co-Founder of Boult, as the electronics sector maintains its upward trajectory, government support remains instrumental in bolstering global competitiveness.
"The Production-Linked Incentive (PLI) scheme tailored for hearables and wearables is poised to play a pivotal role in realising the government's ambitious export targets, providing a substantial boost to the sector's competitiveness and contribution to the global market," Gupta told IANS.
A PLI scheme worth Rs 12,195 crore has been initiated for the manufacturing of telecom and networking products. In addition, incentives worth more than Rs 4,000 crore have been earmarked for the design-led manufacturing scheme of the existing PLI Scheme.
In addition, Madhav Sheth, CEO of HTech, anticipated further growth and development, particularly in artificial intelligence (A)I, local manufacturing and semiconductors in the next five years.
"I also anticipate a further boost for local manufacturing driven by the shift in the global supply chains and increasing interest from global companies in establishing manufacturing facilities in India," he added.
Avneet Singh Marwah, CEO of Super Plastronics Private Limited (SPPL), mentioned that the PLI scheme and infrastructural enhancements have greatly strengthened India's competitive position in the global semiconductor market.
© 2024 IANS. All rights reserved.