India's goal of becoming the third-largest global economy necessitates a more ambitious vision for its technology-driven sectors, aiming for a USD 500 billion target in electronics manufacturing by FY 2030, which is projected to create up to 6 million jobs, according to a NITI Aayog report released on Thursday. 

"This ambitious target comprises USD 350 billion from finished goods manufacturing and USD 150 billion from components manufacturing," the report states. Such growth is expected to create employment for an estimated 5.5 million to 6 million people, significantly boosting job opportunities across the country. Electronics exports are anticipated to reach USD 240 billion, with domestic value addition increasing to more than 35%.

In parallel, the NITI Aayog strategy emphasizes scaling up production in established segments such as mobile phones and establishing a foothold in component manufacturing. Additionally, a strong focus should be on diversifying into emerging areas such as wearables, IoT devices, and automotive electronics. This strategic diversification aims to capitalise on evolving consumer demands and technological advancements, positioning India as a leader in innovative electronic products on the global stage.

The report recommends strategic interventions across fiscal, financial, regulatory, and infrastructure domains to support this ambitious growth trajectory. These interventions include promoting components and capital goods manufacturing, incentivizing R&D and design, tariff rationalization, skilling initiatives, facilitating technology transfers, and developing infrastructure to foster a robust electronics manufacturing ecosystem in India.