You see new industries emerging in India for young people.
The two most significant emerging industries are artificial intelligence (AI) and semiconductors, which are just beginning to develop in the nation.
In Indian history, the general elections of 2024 will be crucial.
At the India Today Conclave 2024, PM Modi made some audacious promises at a time when India’s economy continues to develop at the fastest rate in the world. In his address at the Conclave, Prime Minister Modi declared that new industries catering to the nation’s youth would emerge over the next five years. The audacious forecast can be linked to the expansion of specific industries, particularly technology.
In this sense, the two most significant emerging industries are artificial intelligence (AI) and semiconductors, which are just beginning to take shape in the nation. Nonetheless, within the last ten years, India has experienced exponential growth in a number of other new areas. In addition to becoming the second-largest market for smartphones, the nation is now the second-largest producer of smartphones. There has also been a notable increase in electronics manufacturing.
Another industry that has grown outside of major cities is e-commerce, and the rise in sales of electric vehicles has further solidified EVs as a viable alternative to ICE cars.Manufacturing of Electronics and SmartphonesOne of the main export markets for India is still electronic goods, which had a 14.41% increase in December 2022 to $2.62 billion from $2.29 billion.
The record for the biggest monthly export of electronics during the current fiscal year is December 2023.Ten years ago, the sector set lofty goals, which it has not only reached but surpassed, according to the India Cellular and Electronics Association (ICEA).
According to the association, during the past ten years, the mobile phone sector has generated an astounding 2.45 billion devices.
These devices are expected to be valued at Rs 4.1 lakh crore in FY24, a huge increase from Rs 18,900 crore in the previous decade.With a cumulative production of Rs 19.45 lakh crore, the sector has almost surpassed its aim of Rs 20 lakh crore throughout the ten-year period.Moreover, there is a worldwide market for Indian mobile phones.
The total value of mobile phone exports over the last ten years is estimated to be Rs 3.22 lakh crore. Thus, mobile phones rank as India’s fifth-largest export good. It is anticipated that thirty percent of production will be exported during the current fiscal year.
This demonstrates the excellence and competitiveness of mobile phones manufactured in India.
