In a bid to meet increasing demand, India is expecting investments worth $56 billion in the electronics sector by 2020. The country has permitted 100 percent foreign direct investment (FDI) in the electronics sector.
"We must have an electronics output of $400 billion a year by 2020 to meet domestic demand and generate exports worth $80 billion," SK Marwaha, director in the Department of Electronics and IT Ministry, was quoted as saying by Press Trust of India.
Marwaha spoke during the "India Connect" business forum organised at the ongoing CommunicAsia2016 exhibition, which is being held from May 31 to June 3 in Singapore.
Due to demand for hi-tech products in the country, Marwaha also said there was a need to increase output in the electronics sector by $300 billion in the next four years. At present, the demand for electronics in India touches $100 billion.
Till date, the Indian electronics sector has received investments worth $16 billion, PTI added.
Trying to attract more investments, India is carrying out marketing campaigns across the world to bring FDI in the sector, which has a potential of worth $80 billion in exports.