Electronics market to reach Rs 20 lakh cr by 2020: Assocham

NEW DELHI: With continuing growth in local manufacturing, the Indian electronics market is expected to reach Rs 5 lakh crore by this year-end and Rs 20 lakh crore by 2020, Assocham today said.

In 2010, the electronics market was at Rs 3.25 lakh crore, the industry chamber said.

The industry could rise to such a volume if a strong push is given to domestic manufacturing, thereby bridging the demand-supply gap and generate mass employment in the country.

It called for fostering innovation and developing clusters for local production.

In recent years, high-volume imports of components and finished products have hampered the growth of electronics manufacturing base, said Assocham secretary general D S Rawat.

"There is need to create industrial clusters for fostering innovation and manufacturing domestically," Rawat said.

The government needs to take quick steps to start developing an ecosystem which will attract manufacturing investments, he added.