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India is gradually chipping away at China’s dominance of the electronics export market, especially in the UK and US, a new study shows. From November 2021 to November last year, India’s proportion of electronic product exports to the United States increased from 2.51% to 7.65%, and the United Kingdom increased from 4.79% to 10%.
The Indian government has taken measures such as tax cuts and rebates to attract electronics manufacturers, such as Samsung and Apple, to set up factories in India. Experts pointed out that this may be the result of Foxconn’s investment in India. Although India has limited market share in Europe and Japan, its global and German shares reached 3.52% and 3.38% respectively.
The “Make in India” initiative promoted by Prime Minister Narendra Modi is seen as a way to create jobs, expand exports and reduce imports.
(Source: Bloomberg Image source: freepik)
