EU deal to open $750 bn electronics market for Indian manufacturers

New Delhi: Indian electronics manufacturers are expected to get preferential access to a nearly $750 billion electronics market in the European Union – potentially trading $50 billion worth of electronics by 2031 – aside from getting cheaper access to critical high-end European machinery and technology for production of complex products including semiconductors and electronics components, industry executives said.

The trade deal creates a powerful runway for growth in line with India’s strategy to boost electronics exports. The landmark deal also includes mutual recognition of certifications, which will shorten qualification cycles and ensure India-made products meet European benchmarks, they added.