Electronics: Soul of India's buoyant economy
The electronics manufacturing industry is the fastest growing sector of the Indian economy. Cost effective and skilled manpower, introduction of hi-tech manufacturing processes and technologies have all been catalysts for global majors to either set up local manufacturing units or outsource to indigenous companies. High growth sectors like telecommunications, IT, automotive electronics and consumer electronics will continue to fuel the growth of the electronics hardware sector for years to come.
The Indian government too has been taking a number of measures to boost growth in the sector by setting up special Electronics Hardware Technology Parks, offering financial aid and tax exemptions including Duty Exemption and Remission Schemes and the Zero duty EPCG Scheme.
Another compelling fact is that 1.2 billion of the world's inhabitants live in India and the vast majority of them have only just begun to discover the joys of consumer electronics, PCs and mobile phones. Take for instance the 15.5 million televisions that were sold in FY 2008-09 or the 20 million mobile phone users that are being added every month or that the rural consumer electronics market is expected to grow at 25% over the next 5 years.