FY24 sees decline in electronic imports, thanks to Make in India:
Due to the impact of 'Make in India' and growing localisation, there has been a decline in imports in financial year 2023-2024 by major electronic firms like Samsung, Apple, Whirlpool, Dixon and Havells, probably for the first time ever, Economic Times reported.
The combined import value of eight electronics firms, fell 7 percent year-on-year in FY24 to Rs 95,143 crore, report added quoting regulatory filings of these companies with the Registrar of Companies (RoC).
The total import value of these companies had crossed Rs 1 lakh crore in FY22 and increased further in FY23, report further stated.
The fall in imports in FY24 was the first in at least six fiscals, the report said adding that industry executives said it was probably the first ever, as the consumer electronic industry has traditionally depended heavily on imports.
"Value addition in India has become high in home appliances like refrigerators, ACs and washing machines, where all critical components like compressors, motors, sheet metal, heat exchangers are now locally manufactured," Sunil Vachani, chairman of Dixon Technologies told the publication.
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