New Delhi, Feb 10 (IANS): India has embarked on the journey to reach $300 billion electronics production, including $100 billion in exports, in the coming few years which is a realistic and achievable target for the government, Union Minister for Electronics and IT and Railways, Ashwini Vaishnaw, said here on Saturday.

Addressing the ‘Global Business Summit’ event in the national Capital, the minister said that the overall manufacturing ecosystem, developing at a very fast pace, has given them confidence to meet those targets in a few years’ time.

“Component manufacturers have started shifting to our country. A lot of electronics and semiconductor design work has kicked-off. All this will ensure that India becomes a trusted partner in the global value chain (GVC) in a short span of time,” Vaishnaw told the gathering.

The government reduced the import duty on components used in smartphones to help domestic manufacturers compete with rivals in China and Vietnam and this is likely to increase the growth momentum of exports.

After the success of the PLI scheme for mobile phones, the government is expecting that PLI for IT hardware and server will also lead to more investments in the component ecosystem in the country to develop the supply chain.

India has become the second-largest manufacturer of mobile phones in the world (in volume terms).

The export of mobile phones has also increased from an estimated Rs 1,566 crore in 2014-15 to an estimated Rs 90,000 crore in 2022-23, making an impressive increase in exports by more than 5,600 per cent.

Highlighting India’s remarkable progress in the 5G rollout, Vaishnaw said that “we achieved 5G rollouts within 16 months using ‘Make in India’ equipment, positioning our technology to compete with the global standards.”

“Every citizen, regardless of their socio-economic status, should have access to advanced technology,” the minister stressed.

He said that the story of semiconductors in India has been worthwhile. “In June last year, the Micron semiconductor project was announced during Prime Minister Narendra Modi's US visit. In less than 90 days, a ground-breaking ceremony happened in Sanand, Gujarat,” said the minister.

In September last year, US-based Micron Technology started the construction of a Rs 22,500 crore facility in Sanand, Gujarat, that will set a benchmark for India’s semiconductor journey.