Can India become a global hub for electronics manufacturing? The answer may lie in printed circuit boards (PCBs), the small but critical components that power everything from smartphones to electric vehicles. For years, India has depended heavily on imports, with nearly 88% of bare PCBs sourced from abroad in FY2024-25.
But things are changing. Booming domestic demand, combined with government initiatives like Make in India, PLI, SPECS, and ECMS, is driving a shift toward self-reliance. The Electronic Industries Association of India projects that domestic PCB manufacturing could reach $14 billion by FY2030, positioning India to play a major role in the global electronics market, contributing nearly 10% to the government’s ambitious $150 billion electronics components manufacturing target.
Current Market Scenario
India’s PCB demand has soared to around $4.2 billion; a large portion, about 88% of bare PCBs, was still imported in FY2024-25, worth $3.7 billion. However, locally manufactured bare PCBs currently amount to only $600 million, but with a 27.3% CAGR in domestic production over the last three years, the momentum for local manufacturing is stronger than ever.
Government Initiatives Driving Sectoral Growth
Government policies have been crucial in reviving the sector. Growth is driven by rising domestic demand from consumer electronics and electric vehicles, along with flagship schemes like:
- Production Linked Incentive (PLI).
- Electronics Manufacturing Clusters (EMC).
- Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS).
- The Electronics Component Manufacturing Scheme (ECMS).
The ECMS has recently approved projects in multi-layer and HDI PCBs, camera module sub-assemblies, laminates, and polypropylene film, with key players like Kaynes Group, Syrma Group, Ascent Circuits (Amber Group), and SRF Limited leading the charge. These projects will be spread across Tamil Nadu, Andhra Pradesh, and Madhya Pradesh, strengthening the regional electronics ecosystem.
Insights from Industry Leaders
Raghu Panicker, CEO of Kaynes Semicon, India’s bare board PCB market is on track to touch $24.7 billion by 2033, growing at over 15% CAGR, a clear reflection of robust domestic demand and policy push.
Jasbir Singh Gujral, Managing Director of Syrma SGS, emphasised that the ecosystem for local production is finally taking shape. For years, most of the PCB demand was met through imports. But with the PLI, SPECS, and dedicated component clusters, the environment is now ideal for scaling up domestic manufacturing.
The Missing Links in India’s PCB Value Chain
Despite strong policy backing, the PCB sector continues to face structural challenges. The most critical among them are:
- Dependence on imports for high-end PCBs and essential raw materials, such as copper-clad laminates (CCLs).
- Focused mainly on lower-end products, limiting value addition within the country.
- Infrastructure gaps, such as inadequate large-scale plants and limited R&D capability.
- The demand-supply gap is most severe in multilayer and flexible PCBs, increasingly used in smartphones, EVs, IT hardware, and defence electronics.
Additionally, the global market, valued at $73 billion in 2024, remains heavily concentrated in Asia, with China holding 50-60% of global capacity and Thailand emerging as a new $10 billion investment hub. For India to attract global investments and talent, India must strengthen both upstream and downstream segments of the supply chain.
Plugging the Gaps, Powering the Future
Experts suggest steps to boost India’s PCB ecosystem:
- Setting up 10-12 large PCB plants, each with an annual capacity of 1 million square metres, along with investments in flex and rigid-flex capacity. This would not only meet rising domestic demand but also create 20,000 direct and 75,000 indirect jobs.
- Focus on deepening advanced technological expertise and developing multilayer, flex, and copper-clad laminates domestically.
- Encouraging investments in CCL production and component sub-assemblies will reduce dependency on imports. 8-10 large-scale CCL projects have already been underway since 2022 and new large copper-clad laminate units are being set up to address Upstream Supply Chains gap.
- Improvements in automation, process reliability, and design capability are vital for India to move beyond assembly-based production and establish itself as a trusted global source.
- Attract international PCB firms and their suppliers to invest in India. Strategic joint ventures, coupled with a clear 10-year PCB Vision Roadmap, can accelerate India’s integration into the global value chain.
Stocks to Watch
- Dixon Technologies (India) Ltd: Founded in 1993, Dixon is an EMS company manufacturing consumer electronics, lighting, home appliances, CCTVs, and mobile phones. Its products include LED/smart TVs, monitors, commercial displays, PCBs, and injection-molded components.
- Kaynes Technology India Ltd.: Incorporated in 2008, Kaynes provides end-to-end electronics and IoT solutions across automotive, aerospace, EV, medical, and defence sectors. It operates 16 manufacturing facilities and offers design, engineering, manufacturing, and lifecycle support.
- Amber Enterprises India Ltd.: Established in 1956, Amber is a diversified B2B provider in consumer durables, electronics, and railway & defence subsystems. It leads the AC market in India and offers PCB assembly, HVAC solutions, and high-performance subsystems.
- Syrma SGS Technology Ltd.: Incorporated in 2004, Syrma SGS is an ESDM company with 14 facilities in India and Germany and multiple R&D centres. It offers PCB assemblies, box builds, RFIDs, and wire harnesses and has entered PCB manufacturing via a JV with Shinhyup Electronics.
- Avalon Technologies Ltd: Founded in 1999, Avalon is a fully integrated EMS company specializing in precision-engineered box build solutions. It provides end-to-end PCB design, assembly, and complete electronic system builds for the clean energy, transportation, industrial, communication, and medical sectors.
- Centum Electronics Ltd.: Established in 1994, Centum is a diversified electronics company operating across North America, EMEA, and Asia. It offers design, product development, and a wide range of electronics products and services.
- Vinyas Innovative Technologies Ltd.: Incorporated in 2001, Vinyas provides high-reliability electronics manufacturing for defence, aerospace, medical, industrial, and transportation sectors. Its services include PCB assembly, cable harness assembly, and system integration with stringent quality standards.
Conclusion
India’s PCB manufacturing sector is at a turning point. With domestic demand around $5 billion, supportive policies, and ecosystem development accelerating, India has the opportunity to transition from a heavy importer to a global PCB hub.
If investments continue and focus remains on technology, automation, and supply chain integration, India could not only meet its domestic PCB requirements but also become a key player in the global market by 2030. Strategic investments in plants, materials, and talent could unlock a $14 billion domestic market, generate thousands of jobs, and accelerate India’s journey toward electronics self-reliance and global competitiveness.
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
