The Associated Chambers of Commerce and Industry today said that the electronics market is expected to cross Rs20 lakh crore by 2020.
Further, according to the trade body, volume-wise, the electronics market was expected to gross revenue of Rs5 lakh crore by the end of 2012. The association called for a vibrant ecosystem to develop laboratory-to-fabrication clusters across the country.
The market was estimated at Rs3.25 lakh crore in 2010.
Assocham added that a strong push into domestic manufacturing was therefore essential to bridge the demand-supply gap and generate mass employment.
Assocham secretary general, D S Rawat said that a national strategy needed to be formulated through discussions with key stakeholders including existing manufacturers and members of the MSME sector, industry associations, respective government departments and regulatory bodies.
The growth of the electronics manufacturing base had been hampered by the growth of high-volume sourcing of components and final products through imports.