Economic Survey 2023 The report of the Economic Survey 2023 has been presented in Parliament. It has been revealed in this report that the PLI scheme of the government is proving to be very successful. Domestic companies are also benefiting from this along with foreign companies.
The Economic Survey 2023 states that the production of mobile phones in the country has registered an annual growth of 55.1 percent with a five-fold increase. This has led to an increase in the export of electronic goods to India.
In this survey, the possibility of encouraging the economy on a large scale has been expressed through the PLI scheme (production-linked incentive). Great potential is seen in production-linked incentive schemes to support domestic companies.
The Economic Survey report tabled in the Parliament states 'The improvement in manufacturing and exports over the last five years ensures that India is moving in the right direction to achieve this goal. Electronic goods were among the top five commodity groups showing positive export growth in November 2022, with exports growing at a rate of 55.1 percent year-on-year in the segment.
India becomes the second-largest mobile phone manufacturer in the world
The major drivers of growth in the electronics industry are mobile phones, consumer electronics, and industrial electronics. If we look at the mobile phone segment, here India has become the second-largest mobile phone manufacturer globally.
Significantly, in FY 2015, when handset production was six crore units, it has now increased to 31 crore units in FY 2022. New domestic and global companies are expected to further spur these figures.
The survey also states that better digitization and robotics applications in Industry 4.0 are driving growth in industrial electronics and the emphasis on smart cities and the Internet of Things (IoT) will streamline the demand for smart and automated electronics. The PLI scheme for large-scale electronics manufacturing has attracted an investment of Rs 4,784 crore.
The report also states that participation in the PLI scheme will now help many more domestic companies to increase production through localization. Hence it will further enhance export competitiveness.
Apart from this, the impact of the semiconductor shortage has also been mentioned in this survey. Explain that during the Kovid-19 epidemic, there was a crisis of semiconductor shortage.
