More than 1.2 crore jobs to be created in India’s electronic sector: Report
New Delhi| India’s electronic industry is growing at a very fast pace and will generate 1.2 crore job opportunities in the coming years with a compound annual growth rate (CAGR) of 25 to 30 per cent. This information was given in a report released. The report released by TeamLease Degree Apprenticeship said that out of these 1.2 crore jobs, 3 million direct and 9 million indirect jobs will be created.
The report further noted that there is an urgent need to bridge this gap of acute shortage of 10 million trained professionals to sustain and enhance India’s growth in the electronics sector.
India’s electronic manufacturing industry is growing rapidly due to Prime Minister Narendra Modi’s vision of making the country a hub of electric manufacturing worth $500 billion by 2030.
The report further pointed out that as the industry is diversifying into sectors such as communications and broadcasting electronics, consumer electronics, industrial electronics and aerospace and defence electronics, the demand for specialized skills has increased.
India is rapidly moving towards becoming a global leader in electronic manufacturing. Domestic electronic production had been $101 billion in FY23. Mobile phones account for 43 per cent, consumer electronics for 12 per cent, industrial electronics for 12 per cent and auto electronics for 8 per cent.
TeamLease Degree Apprenticeship CEO A.R. “By FY 2027-28, the industry will need 1.2 crore professionals”, Ramesh said. There will be 3 million direct jobs and 9 million indirect jobs. Yet a staggering skills gap of 10 million remains. To bridge this gap, strong attention needs to be paid to skill development.
Policies like the PLI scheme launched to increase manufacturing have attracted investment of Rs 1.97 lakh crore in 14 key sectors including electronics and the Employment Linked Incentive (ELI) launched to boost job creation has laid a strong foundation.
