India Electronic, Electrical sectors should aim for $100 bn exports: Piyush

The Indian electronics and electrical sector should aim to boost exports to $100 billion in the next 5-7 years, said Commerce and Industry Minister Piyush Goyal on Monday.  He stated that the export volume of electronic products is now second in the country against 167th in 2015.

In January, the volume of electronic goods exported reached $3 billion.

He mentioned at the 16th Edition of ELECRAMA, hosted by the Indian Electrical and Electronics Manufacturer's Association (IEEMA) here, that they aim to raise exports to "$100 billion within the next 5-7 years."

The minister further stated that India's electronics sector should collaborate to build stronger supply chains, enhance quality standards, and deliver premium products and services globally at competitive prices. He encouraged the attendees to collaborate in order to create competitive advantages for the manufacturing industry. The minister emphasized that the industry has a duty to guarantee that consumers receive better deals. He encouraged industry leaders and participants to avoid protectionism and concentrate on balancing the interests of the sector, especially the MSME segment.

Goyal stated Protectionism beyond a point starts hurting the consumer, adding that balancing the interests of the MSME sector, along with the customers, should be the industry's biggest priority.