Manufacturing industries should tap opportunities in the electronics sector as opportunities are growing in India, said V. Veerappan, co-founder and president of Tessolve Semiconductor.
Inaugurating the fifth edition of Elektrotec 2019, an electrical and industrial electronics trade fair organised here by the Coimbatore District Small Industries’ Association, he said that the worldwide market for electronics is 2.4 trillion $ and China manufactures 38 % of it. India’s share is meagre. The country’s domestic consumption of electronics now is worth 100 billion $ a year and 80 % of it is imported.
The consumption is expected to increase three fold in another three years. “If we do not manufacture electronics, it can probably be one of largest imports of the country,” he said. So, the opportunity is huge in electronics manufacturing for industries.
Further, the country should focus more on manufacturing sector. The Government has come up with several policies to support the sector. Industrial bodies such as Codissia should serve as a bridge between Micro, Small, and Medium-scale Enterprises (MSMEs) and the government. The units should be aware of the benefits from government policies. The MSMEs should also follow good business ethics and give thrust to quality to scale up their business size.
Mr. Veerappan added that technology is changing rapidly and industries should adopt these changes. For instance, use of electric vehicles is expected to grow multi-fold in the coming years. Companies that manufacture automobile components for petrol and diesel vehicles should anticipate the change in demand and shift their production accordingly, he said.
The four-day fair at Codissia Trade Fair Complex has 200 participants. An international conference on Industrial Water, Energy, and Environment will be held on Friday and Saturday as part of the event.