Connect with us

Headlines Of The Day

Electronic hardware, software exports likely to see flat to marginal growth in FY’21: ESC

Industry body ESC on Tuesday said exports of electronics hardware and computer software are estimated to have logged “flat to marginal growth” in 2020-21, and that growth could be moderate for the first quarter of 2021-22 given the Covid-19 situation.

For 2019-20, member companies comprising both software and electronics hardware segments registered about $157 billion in exports, Sandeep Narula, chairman of Electronics and Computer Software Export Promotion Council (ESC) told PTI.

Of this, about $145 billion was from software exports, and $12 billion from the hardware segment.

“The final numbers for 2020-21 will be coming out soon, but based on the initial figures available we are expecting almost flat to marginal growth for electronics hardware and computer software exports. So, we were close to the expected targets for 2020-21, despite the pandemic,” Narula added.

ESC said its member companies had been quick to lay down processes to enable work-from-home, as the pandemic drove offshoring.

“Member companies took multiple initiatives to keep the numbers going. With active support from the government and embassies all over world, as an industry council, we could connect members to each and every market using virtual platforms.

“In fact, we signed memorandum of understanding with state chambers and council across the world, to smoothen the process,” Narula said.

ESC turned “hyperactive” at the onset of the pandemic, engaging in major outreach, as it connected with forums and others councils to enable members to tap new business opportunities.

“Many companies globally were looking for new markets and India was the natural choice,” Narula said adding that the pandemic triggered high demand for IT.

Outlook
On the outlook for 2021-22, he said the first quarter may yield only moderate growth, given the current situation on ground with regard to spike in COVID-19 cases.

“If the situation improves, we may see a surge in growth from second quarter onwards for FY22,” he added.

The government has come up with various schemes, such as production-linked incentives for various sectors in electronics, creating natural pull for exports, Narula said.

“Also, we are seeing a lot of initiatives by companies in India. Earlier, the focus was only on services but it has now shifted equally to products from India,” he said.

The demand for quality software products remains high, and Indian companies are moving with speed to tap global opportunities in this arena.

“India remains world capital for IT… Electronics hardware is also positioned well now,” he said.

An apex trade promotion organisation, ESC, is focused on promoting India’s exports of electronics, telecom, computer software and IT-enabled services.

It has a membership base of over 2,500 companies covering the entire gamut of the electronics and software industry in the areas like consumer electronics, electronic components, instrumentation, and telecommunication, among others.

ESC aims to act as a link between the government and its members to provide a platform for interaction on policy issues. It also offers a bridge between member companies and foreign entities in the business development process. ESC identifies prospective markets and buyers for specific products and services offered by members, and also implements government-assisted programmes. PTI

Click to comment

Notice: Undefined variable: user_ID in /home/cloudpanel/htdocs/www.tvj.co.in/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2021 TV Veopar Journal

error: Content is protected !!