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EU deal to open $750 billion electronics market for Indian manufacturers
India's electronics sector is set for significant growth. A new trade deal grants Indian manufacturers easier access to the European Union's large electronics market. This agreement is expected to boost India's electronics exports to $50 billion by 2031. Indian companies will also benefit from cheaper access to advanced European machinery for producing complex electronics and semiconductors.
Indian electronics manufacturers are expected to get preferential access to a nearly $750 billion electronics market in the European Union - potentially trading $50 billion worth of electronics by 2031 - aside from getting cheaper access to critical high-end European machinery and technology for production of complex products including semiconductors and electronics components, industry executives said.
The trade deal creates a powerful runway for growth in line with India's strategy to boost electronics exports. The landmark deal also includes mutual recognition of certifications, which will shorten qualification cycles and ensure India-made products meet European benchmarks, they added.
Under the deal, sectors such as LED televisions, LED lighting and home appliances will see the most substantial benefit, said Sunil Vachani, chairman and managing director, Dixon Technologies.
Unlike IT hardware which already enjoyed low duties, these categories faced higher tariffs (TVs were at 14% duty, lighting at 3%), which is now expected to be rationalised to zero duty under the agreement, opening up market access for the contract manufacturer, Vachani said.
The contract manufacturer which previously was not exporting to the EU are now looking to build marketing networks and capabilities to tap into this new market in the short to medium term, Vachani said.
For other products such as smartphones, tablets, and IT hardware, duties were already low. However, the deal will now facilitate easier access to European markets helping local companies diversify their market, experts said.
Currently, India's electronics trade with the European Union stands at approximately $18 billion, according to electronics lobby group India Cellular and Electronics Association which represents the top handset brands and manufacturers including Apple, Xiaomi, and Dixon.
“ICEA estimates that with effective implementation of the FTA and deeper integration into EU-led global value chains, electronics trade could scale to USD 50 billion by 2031 and further expand to beyond USD 100 billion by 2035,” ICEA said, adding that more than 99% percent of INdian exports by value are expected to receive preferential access to the EU market under the free trade deal.
Consequently, the deal is also expected to encourage European companies to anchor manufacturing and sourcing operations in India. “Reduced trade frictions and improved regulatory alignment can support deeper industrial collaboration across electronics, semiconductors, semiconductor manufacturing equipment, capital goods, and other advanced manufacturing sectors,” ICEA said.
The India Electronics and Semiconductor Association, which represents the country's growing semiconductor footprint, said it expects capital goods including high-end machinery can be imported at a cheaper cost, helping reduce project costs.
“Duties on imported machinery, such as lithography equipment, wafer cutting tools, and automatic test equipment are expected to drop from previous highs of 40-44% down to zero,” said Ashok Chandak, President IESA. This will be a major boost for the semiconductor fab and OSAT sectors as India imports all of these machines from other countries.
Chandak added that there is a strong opportunity to integrate into the European supply chain for automotive and industrial electronics. Companies like Bosch, Continental, and Schneider have a manufacturing presence in the EU, creating demand for Indian-made components like PCBs and connectors.
"With India's electronics exports to the EU already at around USD 12 billion, preferential access to the EU's nearly USD 750-billion electronics market creates a powerful runway for growth in line with India's strategy to boost electronics exports. As ECMS and OSAT projects scale up, they will create a far more conducive environment for high-value electronics and semiconductor exports," Chandak said.
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Source: EconomicTimes
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