India’s printed circuit board (PCB) manufacturing sector is entering an exciting phase of growth. According to a report by the Electronic Industries Association of India (ELCINA) and Feedback Advisory, the industry is expected to touch ₹1.24 lakh crore by 2030. This marks a major step toward India’s broader ₹13.3 lakh crore electronics components manufacturing goal. Thanks to government incentives like PLI (Production Linked Incentive) and ECMS (Electronics Component Manufacturing Scheme) and a growing demand for electronics India is reducing its dependence on imports and moving closer to becoming a self-reliant electronics hub. From import-heavy to locally made India’s PCB industry has long relied on imports, mainly from China and Thailand. In FY 2024–25, out of the total demand worth $4.2 billion, nearly $3.7 billion came from imports, with local manufacturers contributing just $600 million. But that’s changing fast domestic PCB production has been growing at a strong 27.3% CAGR (compound annual growth rate) over the past three years. Industry experts say this is a turning point. Raghu Panicker, CEO of Kaynes Semicon, said, “India’s bare board PCB market is expanding rapidly and is projected to reach $24.7 billion by 2033, growing at over 15% annually.” Government support powering the growth The government’s push through schemes like Make in India, PLI, and ECMS has fueled this transformation.Under ECMS, several major PCB projects have been approved, including multi-layer PCBs, HDI PCBs, and camera module sub-assemblies. Notable projects come from: These new units are being set up in Tamil Nadu, Andhra Pradesh, and Madhya Pradesh now recognized as emerging electronics manufacturing hubs. Panicker added that while challenges like dependency on imported raw materials (especially copper-clad laminates) still exist, India’s capacity for basic and mid-range PCB production is growing steadily. Building stronger local capabilities According to Jasbir Singh Gujral, Managing Director of Syrma SGS, India’s electronics ecosystem is finally coming together after years of reliance on imports.“With strong policy backing through PLI, SPECS (Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors), and local clusters, India now has the right foundation to scale,” Gujral said. He believes the next big focus should be value addition moving beyond assembly and developing advanced capabilities in multilayer, flex, and rigid-flex PCBs.“That’s where real global competitiveness lies,” he noted. Investment boom and global potential India’s PCB demand has reached around $5 billion, but domestic production capacity is still catching up. However, new investments, partnerships, and large-scale projects are signaling a wave of optimism. The ELCINA-Feedback report predicts that setting up 10–12 large PCB plants (each producing one million square meters annually) could generate 20,000 direct and 75,000 indirect jobs. Globally, the PCB industry is valued at $73 billion in 2024, with China leading the pack, followed by Thailand, which recently attracted over $10 billion in fresh investments. A window of opportunity Experts say India has a short but crucial window to strengthen its place in the global supply chain. By investing in automation, innovation, and advanced PCB manufacturing, the country can transform from a net importer into a trusted global supplier within the next decade.
The post India’s circuit board market to reach ₹1.24 lakh crore:This amount makes up about 10% of the government’s 13.3 lakh crore goal for making electronic components in India appeared first on Tri-Cities India.