Iran has executed two more members of the People's Mujahedin group. Authorities state they were hanged for spying for Israel. These hangings are part of a recent surge in executions of political prisoners. Rights groups warn of more executions to come
The summer heat in India can get unbearable and having cooling drinks on hand is important. This cucumber chaas is not just refreshing and hydrating, but is also packed with protein from curd and sattu. What’s more, it has a lot of fibre and electrolytes from cucumber and sabja seeds
Neymar just can’t seem to catch a break — and this time, it’s not even about what he did on the pitch. The controversy machine fired up again after Santos fell 2-3 to Fluminense in a Brazilian Serie A clash on Sunday — with the real flashpoint coming after the final whistle
UK Board Result 2026: Where, how to check UBSE Class 10, 12 results when announced?UK Board Result 2026 will be available to candidates on the official website of UBSE. The steps to check results is given here. Published on: Apr 20, 2026 12:58 PM IST By HT Education Desk | Edited by Papri Chanda
As the Iran war continues, the global leaders are eagerly waiting for the results of US-Iran and France-Lebanon that are scheduled to take place on Monday. Meanwhile, the Iran’s Revolutionary Guards has issued a stern naval warning a day after Iran’s central military command announced a new
World Athletics' Integrity Unit designates India as country having \"extremely high\" risk of dopingWorld Athletics' Integrity Unit designates India as country having \"extremely high\" risk of doping Published on: Apr 20, 2026 3:44 PM IST PTI Share via Copy link Monaco
Why a politician, not a career diplomat, may be India’s next envoy to DhakaThe thinking was that there was a need for a political appointee to take forward ties when the Indian side was seen as too closely aligned with the Awami League govt Published on: Apr 20
Bharti Airtel has introduced a ₹1,599 broadband plan for its customers, which is available in almost every telecom circle. This plan is being offered to both the company’s Fiber and AirFiber users. If both Fiber and AirFiber services are available in your area
India’s bare PCB manufacturing set for 45% CAGR surge
India's domestic manufacturing of bare printed circuit boards (PCBs) is poised to expand at a compound annual growth rate of 45% through FY29, driven by demand from the electronics industry, government incentives and a shift toward high-value complex PCBs, Avendus Capital said in a report.
The bare PCB market in India currently is worth $5 billion, with an 88% import dependence. Domestic production is expected to expand from $0.6 billion in fiscal 2024 to $3.8 billion by FY29, reducing the dependence on supplies from abroad to 69%, the financial services firm said in the report.
This trajectory aligns with overall electronics production growing at 25% CAGR to $450 billion by FY30, fuelled by domestic consumption, exports and reliance on imports reducing from 53% to 40%, it said.
India's large and rising electronics trade deficit, estimated to be $54 billion in FY24, is forcing a deeper push into components, not just finished products, even as device-level electronics demand grows 10-11% annually and components expand closer to 20%, Chirag Shah, principal at Avendus Capital, told ET.
“India has already cracked the code on assembly; the game is now shifting to higher-margin, higher-capex components, where technology, scale, customer approvals and balance sheet strength become critical,” he said.
Demand for complex multilayer (ML) and flexible PCBs will lead, with 27% and 30% CAGR, respectively, by value, as miniaturisation and sector-specific needs like automotive and telecom intensify, the report said. While a basic single-layer PCB may realise about $40 per sq metre, multilayer boards can fetch up to $500 and flex PCBs up to $350.
The Electronics Component Manufacturing Scheme (ECMS), notified in March this year with a $2.6 billion outlay, has approved $1.5 billion in investments across 24 projects, targeting $12 billion in production and 17,000 jobs over five years. ECMS is turnover-linked rather than capex-linked, which means companies need to ramp production, secure customer approvals and start billing quickly before incentive flows kick in, Shah said.
Anti-dumping duties, PLI schemes, and state incentives cover up to 55-60% of capital costs, enabling high return on capital employed of around 18%-20% for scaled players even at conservative margins, the report said.
These measures complement earlier initiatives like SPECS (Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors) and EMC (Electronics Manufacturing Clusters) 2.0, shifting focus from assembly to components like bare PCBs, laminates, and camera modules. Shah said policy support has deliberately moved “from final-product assembly to sub-assemblies and now to components” and is likely to push further backward into substrates, laminates, chemicals and copper clads as the ecosystem matures.
Domestic firms ramping up production include Amber, which plans Rs 4,200 crore capex for ML and HDI PCBs in Hosur and Greater Noida by FY28. Kaynes is targeting Rs 1,800 crore for HDI/ML in Chennai, while Syrma SGS has announced an Rs 1,800 crore investment for ML and copper clad laminates in Naidupeta, Andhra Pradesh.
"India is clearly entering the next phase of electronics manufacturing, where depth of capability matters as much as scale," Syrma SGS managing director Jasbir Singh Gujral said.
Existing players like AT&S India, Shogini Technoarts and Epitome Components are pivoting to high-realisation ML/flex segments ($350-500/sqm versus $30-40 for single-sided), countering low-cost Chinese imports, Avendus said in its report. This focus creates entry barriers through technology, skilled labour and lengthy customer qualifications, it said.
Indian PCB makers are stitching technology and offtake tie-ups with global specialists, such as IL JIN Electronics' partnership with Korea Circuit, to de-risk capacity ramp-up, improve utilisation from day one and accelerate eligibility for turnover-linked incentives, Shah said.
In high-value PCBs, the main barrier is not capex but the multi-stage, design-led approval cycle, often solved via acquiring smaller domestic PCB firms that already hold auto, telecom, mobile or defence approvals, he said.
According to the report, volume demand will rise to 70 million sqm by FY29 (11% CAGR), but value growth accelerates via complexity, with domestic penetration jumping 2.4-fold to around 31%. As EMS share in electronics hits 30% by FY30, bare PCBs emerge as a sunrise sector building India's electronics backbone, it said.
Source: EconomicTimes
Related Posts: Agnikul’s 'Agnite' test marks breakthrough in 3D-printed rocket engines Nita Ambani wore the cutest printed set to celebrate staff member's birthday How Iran war laid bare the world's reliance on Gulf oil and gas IIT graduate flags ‘bare minimum culture’ at MNC Shraddha Kapoor steps out bare-faced in Mumbai Himalayas bare and rocky after reduced winter snowfall UP woman takes on crocodile with bare hands to save 5-year-old son Scheme for Buddhist circuit in Northeast India announced in Budget Advertising boards & chaos - how Sunderland stopped Arsenal machine Kareena Kapoor’s 5 most iconic movie looks that still rule fashion mood boards
The Bombay High Court has directed the Union Government to decide by May 4 on conferment of the Padma Vibhushan award posthumously to wrestler Khashaba Dadasaheb Jadhav, India's first individual Olympic medallist. Justices Madhav Jamdar and Pravin Patil of the High Court's Kolhapur Bench
1 days ago
Patrick Muldoon net worth: Was Days of Our Lives star married? All on wealth and personal lifePatrick Muldoon, the Hollywood actor famous for Days of Our Lives and Starship Troopers, died at 57 from a heart attack on April 19. Published on: Apr 20
1 days ago
A heartfelt video recorded inside a metro train has gone viral after an Indian man candidly shared how he lost nearly Rs 2 crore during the Covid 19 pandemic before starting over from scratch. Shared by the Instagram page @immemesupplier with the caption, “Just mens sacrifices"
1 days ago
At least 25 people have been killed in an explosion at a firecracker factory in the southern Indian state of Tamil Nadu, with four others seriously injured. The blast occurred at the Vanaja Fireworks Industry in Virudhunagar on Sunday evening
1 days ago
Enterprises leveraging AI can benchmark innovation, gain credibility, and unlock strategic partnerships at ET Most Innovative AI Product 2026, positioning themselves at the forefront of growth, leadership, and India’s evolving AI-driven business ecosystem
1 days ago
No to laissez-faire on AI, yes to a light touchThe private sector can do much of the heavy lifting in verifying safety claims, writes Dean Ball Published on: Apr 20, 2026 4:01 PM IST The Economist Share via Copy link Anthropic, a frontier AI company
1 days ago
Ajay Devgn posts rare childhood pics of daughter Nysa on 23rd birthday; Kajol pens heartfelt noteAjay Devgn and Kajol marked daughter Nysa’s 23rd birthday with heartfelt wishes, sharing rare childhood photos and emotional notes celebrating her special day. Apr 20, 2026
1 days ago
Designing India’s next appliance chapter: BSH India CEO on habits and localisationBSH India CEO in this excluive interaction outlines a localisation-led strategy focused on awareness, new categories and growth tailored to Indian habits. Updated on: Apr 20
1 days ago
Imagine life without change. Without progress, without improvements, without moving on from the yesterday. Imagine being trapped in a time warp, waking up to the same things every day, going through a rigmarole that comes with the regularity of sunrise and sunset.Imagine life without change
1 days ago
JEE Mains final answer key 2026 for session 2 released, download link hereThe NTA JEE exam was held on April 2, 4, 5, 6, 7 and 8. The examination was held in two shifts- first shift from 9am to 12 noon and second shift from 3pm to 6pm Updated on: Apr 20
1 days ago
Sri Lanka’s Tamil parties have sought sustained Indian engagement to ensure the implementation of the Indo-Lanka Accord of 1987, signed during the early years of the civil war to address the aspirations of Tamils for equal rights and greater political power
1 days ago
Farah Khan spills the beans about Rakesh Bedi's FTII days; recalls him having free food, alcohol at Javed Akhtar's houseRakesh Bedi and Farah Khan reflected on their long-standing friendship with Farooq Shaikh and Satish Shah, among others, recalling fond memories. Apr 20, 2026
1 days ago
(Bloomberg) -- Bitcoin rose to the highest level since early February after a flurry of comments from the US and Iran sparked optimism that the conflict in the Middle East may be heading toward a resolution. The original cryptocurrency broke through the higher bound of the narrow range its been
1 days ago
New Delhi: The first phase of the West Bengal Assembly election will take place on April 23, with the second phase scheduled to be held on April 29 to elect 294 members of the state Legislative Assembly. The votes will be counted, and the results will be declared on May 4. Ahead of the first phase
1 days ago
In an exciting turn of events, cricket superstar Chris Gayle has taken a new role as co-owner and global brand ambassador for the Glasgow Mugafians. Set to compete in the inaugural ICC-sanctioned T20 league in Europe, this dynamic franchise is gearing up for the European T20 Premier League
1 days ago
Tech Tonic | No, the EU doesn’t require phones to have removable batteriesThe good news is that batteries must be easily replaceable, and phone makers must provide replacement parts with any accompanying accessories Published on: Apr 20, 2026 11:54 AM IST By Vishal Mathur Share via Copy link
1 days ago
A software engineer claim’s has triggered a wave of reactions online after claiming that Deloitte revoked his job offer just days after he resigned from his previous company. The incident has struck a chord with many professionals, with several social media users describing the experience as
1 days ago
Gold prices on Monday (April 20, 2026) dropped ₹1,310 to ₹1,53,299 per 10 grams in futures trade amid a fall in spot demand. On the Multi Commodity Exchange, gold contracts for the June delivery traded lower by ₹1,310, or 0.85%, at ₹1,53,299 per 10 grams in a business turnover of 1,119 lots
1 days ago
Malayalam film Private, directed by Deepak Deon, has been selected for screening at the ongoing 48th edition of the Moscow International Film Festival. The film, starring Indrans and Meenakshi Anoop, has been chosen in the non-competition category. The first screening was on April 18
1 days ago
Nick Shirley claims ‘death threats’ are making it dangerous to stay at hotels, ‘The fraudsters are angry’Nick Shirley has alleged that it is getting increasingly dangerous for him to stay at hotels due to constant doxxing and killing plots. Updated on: Apr 20
1 days ago
24-year-old quits job, builds ₹1 crore startup in 4 months: 'We're not stopping here'A 24-year-old entrepreneur’s claim of building a ₹1 crore startup in 4 months has gone viral, drawing praise and advice from users online. Updated on: Apr 20
1 days ago
The exchange plans to commit capital of up to Rs 100 crore to meet the minimum net worth requirements as per the draft Coal Exchange Rules. The move underscores the commodity exchange’s push to deepen its presence in the energy space and expand the commodity ecosystem
1 days ago
Manchester City's win over Arsenal in the Premier League on Sunday was an absolutely thrilling game to watch and analyse - not the cautious and cagey tactical battle I thought it might be. Given they were the team who really needed to win, I expected City to be the ones to go after Arsenal from the
1 days ago
Vietnam plans to extend a special consumption tax cut on electric vehicles by nearly four years to the end of 2030 in a bid to boost EV sales and reduce emissions, the parliament office said over the weekend.The government will submit the proposal to extend the tax cut to parliament for
1 days ago
Two Indian men were shot dead in Italy on April 17 as they were leaving a warehouse used as a place of worship during the Vaisakhi festival, PTI reported. The men, Raginder Singh and Gurmit Singh, were killed in front of the Gurdwara Mata Sahib Kaur Ji in the Covo town in the Bergamo province
1 days ago
Blue Origin on Sunday (April 19, 2026) said its New Glenn rocket booster touched down after its launch, marking its first landing of a reused booster. New Glenn carries AST SpaceMobile’s BlueBird 7 satellite to low-Earth orbit in a flight that marks a pivotal step for
1 days ago
Pakistan playing a role in facilitating the second round of talks between the United States and Iran was a “monumental setback” for the Narendra Modi government’s foreign policy, said the Congress on Monday. In a social media post, Congress leader Jairam Ramesh said that India needed an
1 days ago
