The people of India have done wonders. Due to the impact of ‘Make in India’ and increasing localization, there has been a huge decline in imports in the financial year 2023-2024 by major electronics companies like Samsung, Apple, Whirlpool, Dixon. and Havells, that perhaps this has happened for the first time.
The combined import value of the eight electronics companies declined 7 per cent year-on-year to Rs 95,143 crore in FY24, the report said, citing regulatory filings of these companies with the Registrar of Companies (ROC).
The report further said that the total value of imports by these companies crossed Rs 1 lakh crore in FY22 and increased further in FY23.
The report said the decline in imports in FY24 came for the first time in at least six financial years. Industry officials said this was likely a novelty, as the consumer electronics industry has traditionally relied heavily on imports.
Sunil Vachani, president of Dixon Technologies, told the publication: “The value addition in home appliances like refrigerators, air conditioners and washing machines has become very high in India, where all critical components like compressors, motors, sheet metals are now produced. metal and heat exchangers. They are created locally.” Companies reported a decrease in imports
According to the data, the Indian units of Samsung and Apple reported a decline of more than 7 percent in imports due to their emphasis on localization strategies. Whirlpool recorded a massive 22 percent drop, while Haier and Amber import prices remained almost stable.
PLI Scheme The government’s flagship production-linked incentive (PLI) scheme for large-scale electronics manufacturing received a major boost with a nearly 1.5-fold hike in the interim budget in February this year, increasing its disbursement to Rs 6,200 crore by 2024-2025. . Made.
Electronics and Information Minister Ashwini Vaishnav had announced in November that 27 companies, including Dell, HP, Foxconn and Lenovo, were approved for the PLI scheme for IT hardware last year. 40 companies, including Dell, HP and Lenovo, had applied for this plan.
