Tamil Nadu’s FY24 electronics export poised for 49% increase

After nearly tripling its electronics exports in 2022-23, Tamil Nadu is likely to strengthen its presence as an electronics exporter in 2023-24 by crossing the $8 billion mark, up around 49 per cent from $5.37 billion last year, state Industries Minister TRB Rajaa has said. This comes at a time when the state has already touched exports of $4.8 billion, contributing to 31 per cent of the total exports out of India.

Other leading states are Uttar Pradesh ($2.58 billion), Karnataka ($2.29 billion), Maharashtra ($1.69 billion), Gujarat ($1.59 billion), Delhi ($807 million), Haryana ($386 million), and $356 million. According to industry experts, major reasons for the rise in exports is the ‘China Plus One’ strategy of global majors like Apple, following which its contractors like Foxconn and Pegatron and suppliers like Salcomp have contributed to the rise of Tamil Nadu as the country’s electronic hub last year.

“With exports of $4.8 billion already 31 per cent of total exports out of India and nearly double that of the second-runner state, Tamil Nadu could hit a staggering $8 billion in exports this year, a significant leap from the previous year’s $5.37 billion. The state’s strategic policies, skilled workforce, robust infrastructure, and, of course, the Dravidian Model of governance have propelled its exports to new heights,” Rajaa said on social media.

“As the data unfolds, it’s clear that Tamil Nadu’s growth trajectory in electronics exports is not just a statistic but a testament to the state’s thriving ecosystem,” he added. Interestingly, the state’s exports in 2021-22 were $1.86 billion, ranking fourth nationally. Business Standard