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India electronics component manufacturing to hit $240 bn by 2030, create 2.8 lakh jobs by 2026

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India electronics component manufacturing to hit $240 bn by 2030,
 create 2.8 lakh jobs by 2026

New Delhi, June 23 (IANS) As the government doubles down on making India a global manufacturing hub, the demand for electronics components and sub-assemblies is likely to scale to $240 billion by 2030, paving the way for $500 billion worth of electronics production goal while creating at least 2.8 lakhs new jobs by 2026, a report showed on Sunday.

Priority components and sub-assemblies including PCBAs, are projected to grow at a robust CAGR of 30 per cent, reaching $139 billion by 2030, according to the report by the Confederation of Indian Industry (CII), which suggested key recommendations to craft a scheme to further help the industry.

Last year, the demand for components and sub-assemblies stood at $45.5 billion to support $102 billion worth of electronics production.

The report identified five priority components/sub-assemblies of batteries (lithium-ion), camera modules, mechanicals (enclosures etc.), displays and PCBs, which are categorised as high priority for India.

They cumulatively accounted for 43 per cent of the components demand in 2022 and is expected to grow to $51.6 billion by 2030, the report mentioned.

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These components have either a nominal production in India or are heavily import-dependent.

“Similarly, PCBA is a high potential category for India since most of the demand is met by imports. This segment is expected to grow by 30 per cent, leading to a demand creation of $87.46 billion by 2030,” the report noted.

The report recommended crafting a scheme aimed at providing fiscal support for select components and sub-assemblies in the range of 6-8 per cent.

“The fiscal support is to be extended for a period of 6 to 8 years to ensure adequate time for scaling up and enhancement in value addition,” it added.

Additionally, the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) 2.0 should be introduced with subsidy support ranging from 25 per cent to 40 per cent to support potential investors across brownfield and greenfield categories.

“The import tariffs on priority sub-assemblies and components like camera modules, display modules, mechanicals, need to be urgently rationalised in line with key competing economies,” added the CII report.

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“The creation of export demand for India-made products have the twin advantages of increasing export volumes and helping boost domestic manufacturing of components and sub-assemblies,” according to the CII.

The policy support will help in various economic benefits arising from the development of the components and sub-assemblies ecosystem in India.

–IANS

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India needs to have gradual evolution of financial market: Eco Survey

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India needs to have gradual evolution of financial market: Eco Survey

India needs to have gradual evolution of financial market: Eco Survey

New Delhi, July 22 (IANS) Stressing that enhanced participation of retail investors in the Indian capital market lends stability to it, the Economic Survey 2023-2024 said on Monday that India needs to have an orderly and gradual evolution of the financial market.

Commodity derivatives turnover rose by 87 per cent in FY24, driven by an increase in turnover of options contracts of the energy segment. The number of unique tax IDs registered on the National Stock Exchange (NSE) rose from 2.7 crore in FY19 to 9.2 crore in FY24.

The Survey pointed out that most of the new retail investors are likely young and may have a higher risk appetite.

“It is also reflected in the interest that retail investors have shown in derivatives trading, especially expiration-day trading. While derivatives are hedging instruments, they are mostly used as speculative instruments by investors worldwide. India is likely no exception,” it warned. It added that derivatives trading holds the potential for outsized gains and caters to “humans’ gambling instincts and can augment income if profitable”.

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“These considerations are likely driving active retail participation in derivatives trading. However, globally, derivatives trading loses money for the investors, for the most part. Raising investor awareness and continuous financial education is essential to warn them of the low or negative expected returns from derivatives trading,” suggested the Survey document.

A significant stock correction could see losses that are more considerable for retail investors participating in capital markets through derivatives. “Investors’ behavioural response would be to feel ‘cheated’ by unseen more considerable forces. They may not return to capital markets for a long time. That is a loss to them and the economy,” the Survey noted.

It said that all stakeholders — market participants, market infrastructure institutions, regulators, and the government — must ensure that capital markets play their theoretically assigned role of directing savings to their most productive investments.

“It is not just in the national interest. It is an act of self-interest, too,” said the Survey.

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–IANS

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Creating 78.5 lakh jobs annually till 2030 signals Centre’s resolve: Assocham on Eco Survey

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Creating 78.5 lakh jobs annually till 2030 signals Centre’s resolve: Assocham on Eco Survey

Creating 78.5 lakh jobs annually till 2030 signals Centre’s resolve: Assocham on Eco Survey

New Delhi, July 22 (IANS) Terming the Economic Survey 2023-2024 a ‘bold’ document, leading industry chamber Assocham on Monday said the way it has emphasised the need for creating 78.5 lakh jobs annually till 2030, signals the government’s resolve to leverage the fourth global industrial revolution, taking advantage of new-age technologies like Artificial Intelligence (AI).

Calling the Survey a morale-booster India growth story, projecting 6.5-7 per cent economic expansion for the fiscal 2024-25 supported by robust services sector, Assocham said it promises manufacturing and investor enthusiasm as reflected in encouraging rise in Gross Fixed Capital Formation (GFCF).

“The Survey’s promising GDP projections for the current financial year come in the backdrop of 8.2 per cent economic growth in 2023-24. Growth is well spread across different sectors like manufacturing, real estate and construction,” said Deepak Sood, Secretary General.

He said a stellar increase of 19.8 per cent in GFCF in the private sector non-financial corporations in FY23 would have contributed immensely to overall impressive performance in the subsequent year.

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“The trend is expected to continue this fiscal as well and appears to be secular in nature,” said Sood.

The chamber noted that the Survey has aptly emphasised the importance of deregulation and the catalyst role of the private sector in boosting investment.

Specific stress on expanding the Indian manufacturing sector for generation of employment for ”semi -skilled” workforce needs to be complimented, it added.

“The role of MSMEs and its formalisation into the economy through various government initiatives like Udyam Registration Portal, different schemes on credit guarantees has been well-recognised in the Economic Survey,” said the chamber.

–IANS

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Wipro shares nosedived over 9 pc after missed earnings expectations

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Wipro shares nosedived over 9 pc after missed earnings expectations

Wipro shares nosedived over 9 pc after missed earnings expectations

Mumbai, July 22 (IANS) Shares of IT major Wipro nosedived on Monday by nearly 9.3 per cent over missed expectations in its April-June quarter results and a weak guidance for the next quarter.

Wipro’s stock closed Rs 51.85 down at Rs 505.35, after it reported a one per cent quarter-on-quarter (QoQ) decline in its consolidated revenue in the results declared on Friday.

According to brokerages, the early recovery in discretionary demand could potentially boost Wipro’s future performance.

For the September quarter, Wipro expects revenue growth to be between minus one per cent to one per cent in constant currency terms.

Nuvama expects Wipro to continue underperforming its peers. It has maintained its ‘Hold’ rating on Wipro.

Meanwhile, Citi has maintained its ‘Sell’ rating on the stock with a price target of Rs 495.

On the other hand, Morgan Stanley is ‘underweight’ on Wipro with a price target of Rs 459.

Wipro reported a 4.6 per cent rise in net profit at Rs 3,003 crore for the first quarter of the current fiscal (FY25), as revenue dropped 3.8 per cent to Rs 21,964 crore.

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The company added 337 employees during the quarter, reversing the trend of declining headcount after six quarters.

–IANS

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SC asks IIT Delhi panel to give opinion on contentious Physics question in NEET-UG exam

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SC asks IIT Delhi panel to give opinion on contentious Physics
 question in NEET-UG exam

SC asks IIT Delhi panel to give opinion on contentious Physics
 question in NEET-UG exam

New Delhi, July 22 (IANS) The Supreme Court on Monday asked IIT Delhi to form an expert panel to give its opinion on the decision of the National Testing Agency (NTA) to treat two options as the correct answers to a Physics question in the NEET-UG examination.

A bench, headed by CJI D.Y. Chandrachud, said: “We request the Director of IIT Delhi to constitute a team of three experts of the subject concerned. The expert team is requested to formulate its opinion on the correct option and to remit its opinion to the registrar of this court by 12 noon on July 23.”

The bench, also comprising Justices J.B. Pardiwala and Manoj Misra, directed that a copy of its order may be forwarded on Monday itself to the Director, IIT Delhi for expeditious action.

In the batch of petitions alleging irregularities in the conduct of the NEET-UG exam, petitioners questioned the award of grace marks in respect of a contentious Physics question, adding that as many as 44 candidates were able to secure full marks on account of the ambiguous question. They contended that the NTA’s decision to award compensatory marks contradicts its own instruction asking students to follow the latest NCERT textbook.

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The matter will be taken up for further hearing on Tuesday.

In the previous hearing, the apex court had sought a copy of the report of Bihar Police and its Economic Offences Unit (EOU) in relation to the NEET question paper leak case.

Solicitor General Tushar Mehta undertook that he will place on record the copy of the report filed by Patna police as well as the report filed by EOU of Bihar Police.

The NEET question paper leak case was cracked by Patna police on May 5, the day of the examination and an FIR was registered at the city’s Shastri Nagar Police Station. The case was later transferred to the EOU of Bihar Police for investigation. On June 23, the Centre decided to transfer the investigation to the Central Bureau of Investigation (CBI).

The SC also asked the NTA to release on its website centre-wise results after redacting personal information, including the roll number of the candidates. During the hearing, the apex court had asked the petitioners to illustrate that the leak was so systematic that the exam must be cancelled in its entirety and conducted afresh. It reiterated that if tainted cases cannot be segregated from untainted ones, the entire examination has to go.

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Earlier, the top court had directed the NTA to make full disclosure regarding the nature of the paper leak, the places where leaks took place, and the lag of time between the occurrence of the leak and the conduct of the examination. It also asked the CBI to file a status report indicating the status of the investigation and the material collected during the course of the probe.

–IANS

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YouTube app and website down for some users in India: Report

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YouTube app and website down for some users in India: Report

YouTube app and website down for some users in India: Report

New Delhi, July 22 (IANS) Some YouTube users in India reportedly experienced trouble uploading videos on the app and website of the Google-owned platform on Monday.

This comes after a major global outage of Microsoft and its services on Friday, following a Crowdstrike application update.

According to the DownDetector app, YouTube faced issues since 1.30 p.m. on Monday.

While 43 per cent of users reported an issue with the app, 33 per cent faced trouble uploading the video. About 23 per cent also had issues with the YouTube website.

YouTube has yet to make an official statement on the issue.

While many netizens took to X.com to report the matter “#youtube is down. It’s not uploading videos,” said a user. “YouTube is Down … uploaded videos are not showing in the feed,” said another. Meanwhile, some users also made humorous comments on it. “Youtube uploads down. Is that Microsoft behind?” said one user on X.com

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–IANS

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