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New Delhi, 15th February 2024: The Electronics and Computer Software Export Promotion Council (ESC) has recently released its analytical report for the fiscal year 2022-23, showcasing a remarkable surge in exports of electronics goods and components, which saw an impressive 50.25% increase compared to the previous year, amounting to a substantial US$ 23.58 billion. According to the report, India’s production of electronic hardware in the same period reached an estimated US$ 87 billion, contributing significantly to the global electronics equipment production valued at US$ 2300 billion.

The report was launched during the annual event of ESC India Soft 9th Edition held in January 2024. Furthermore, IndiaSoft 2024 and the concurrent 9th edition of India Electronics Expo, both organized by the ESC, recorded a remarkable business turnover of Rs 2150 million (US$26.21 million), surpassing the previous year’s record of Rs 1710 million (US$20.85 million) in 2023, reflecting an impressive growth of 25.73%.

The report provides insights into the global electronics equipment production landscape, revealing that communication equipment leads the pack with a production value of US$ 575 billion, followed closely by computer systems and peripherals at US$ 445 billion, semiconductors at US$ 430 billion, electronic components at US$ 275 billion, display devices at US$ 175 billion, AV equipment at US$ 165 billion, and other equipment at US$ 105 billion.

Furthermore, the report highlights a significant surge in exports of electronics goods and components from India, registering a remarkable 50.25% growth over the previous fiscal year. In value terms, the export of electronics goods during the fiscal year 2022-23 is estimated to be US$ 23,578 million, compared to US$ 15,692 million in the previous year.

Telecom exports lead the pack, followed by components, instruments, consumer electronics, and computer hardware. Like in the case of software (IT, BPO, ITeS), the US has become the top destination for electronic hardware exports accounting for 26.32% (US$ 6.21 billion)  of the export, followed by UAE, 14.45% (US$3.41 billion), the Netherlands 7.45% (US$1.75 billion), the UK 5.14% (US$1.21 billion), Germany 4.33% (US$1.02 billion), Italy 3.99% US$941 million), Austria 3.38% (US$797 million). Countries like China, Czech, France, etc. also figured among the export destinations. “Various schemes and incentives that were introduced from time to time and reviewed to value add to them will help the sector grow at par with the software sector and even surpass it as the years roll by as the global market space of electronic hardware sector is much larger than IT services;” says Mr. Gurmeet Singh, Executive Director, ESC.

“The runaway increase in exports of electronic goods and components is a good augury riding on the back of accelerated export of smartphones (US$10.95 billion) in 2022-23, as against US$3.80 billion in the previous year forming 46.50% of the total electronic hardware exports from the country and is set to gain momentum in the coming years”; says Mr. Sandeep Narula, Chairman, ESC, adding that export of photovoltaic cells at  US$1.03 billion (2022-23) also helped in giving traction to the increased electronics hardware exports.

In terms of state-wise exports of electronics goods from India, Tamil Nadu emerges as the leader, followed closely by Uttar Pradesh. The ESC analysis also made a comparison between export contributions of software and hardware in the country. While the software sector contributed US$193 billion in 2022-23 (estimated), the electronic hardware sector’s contribution toward exports was US$23.58 billion. These findings underscore India’s growing prominence in the global electronics market and reaffirm its position as a key player in the sector.