Hardware exports poised to Grow 7-8%
09, Jan 2019
Prelims level : Economy Mains level : Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
- Hardware exports are poised to reverse the declining trend of the past few years with a 7-8% growth this fiscal, according the Electronics and Computer Software Export Promotion Council (ESC)
- The growth is coming on the back of traction for products in new areas, “specially in the areas of power electronics, UPS systems, electronic energy meters.
- Hardware exports touched a peak of $7.2 billion a couple of years ago. Last year, it was around $6 billion attributing the decline to shutting down of large facilities such as those by Nokia for cellphone manufacturing in Chennai. Some larger players were likely to relocate their factories from China to India in the backdrop of the ongoing U.S.-China trade war. It would also help to mitigate low export base was a function of the level of ease of doing business and the perception about India being a difficult country to do business.
- Nasscom had projected the software and services exports to grow 7-9% in 2018-19 to $137 billion. IT exports in 2017-18 were $126 billion. India Soft 2019 will bring over 500 foreign ICT buyers from 60 countries. Close to 250 Indian IT firms and over 20 foreign IT companies of various hues and sizes will display their products and solutions to the discerning buyers. More and more foreign companies are showing interest in taking part in the show, because of its unique appeal and focus on small and medium IT segment