New Delhi: With the increasing consumption of electronic items in the country, the hardware manufacturing industry in India is poised to touch $155 billion by 2015.
“As per study made by Frost and Sullivan, the (global) market for electronics hardware is expected to grow by 30% to $320 billion in 2015,” Department of Information Technology secretary Jainder Singh said at the Componex Nepcon exhibition here today.
“There is a potential for the domestic hardware manufacturing to grow to $155 billion in 2015,” he added.
Indian electronic hardware production increased from Rs43,800 crore in 2003-04 to Rs80,800 crore in 2007-08, with a cumulative annual growth rate of 16.6%, he added.
Increased consumption of mobile phones, computers and televisions is driving the domestic demand for the industry in India.
“While the sales of PCs have reached 7.3 million units a year, about 8-10 million mobile phones are sold. The market for colour televisions has also increased to about 15 million units a year,” he said.
Singh noted that with the relaxation in import policies and progressive reduction in duties, import of manufactured components has increased, which has in turn suppressed the domestic demand.