The development of India as an electronics hardware repair hub can generate annual revenue of $20 Bn from 2025 onwards and create 5 million jobs, said a report by IT hardware industry body MAIT( Manufacturers’ Association for Information Technology).
"The electronic repairs market is projected to generate revenues of USD 20 billion per annum in next four years from now (from 2025 onwards), as it is foreseen to be among the largest and fastest-growing industry in the world.
"With the aid of Make in India drive and other desired incentives, this billion-dollar industry shall result in incremental tax revenue generation for the government of India," the report said.
Further, the report added that the initiative to make India an electronics repairs outsourcing hub is the next sunrise sector for the country with the potential to generate over 5 million new direct jobs.
As per the report, the initiative to make India an electronics repairs outsourcing hub can be one of the driving factors for promoting the economic growth of our country. As per the projections made in the report, making the full use of this opportunity will lead to a spike in employment generation, investment from all over the globe, rise in income, and tax revenue that will ultimately contribute to $ 15 Bn GDP addition per annum in next four years from now.
In addition, the report also threw light on the regulatory landscape and emphasized bottlenecks and difficulties being faced day to day by the repair units in India, such as various regulatory approvals, import/ export restrictions, investment and Infrastructure cost, lack of skilled workforce and technology, e-waste related constraints, etc.