The exports of the electronic products are also estimated to grow in the range of 40-50 per cent annually over the next five years, he added.
"Electronics manufacturing in India has been growing quite significantly. We have registered 23 per cent cumulative annual rate of growth over past five years. Now in this journey the growth is expected to be 30 per cent year on year for next five years," said Mr Sawhney at the Invest India Exclusive Investment Forum - Japan Edition.
He added that India has seen an increase in mobile manufacturing from 6 crore handsets five years ago to 33 crore at present, and meeting over 90 per cent of country's mobile phone requirements through domestic production.
"Last year we have seen spurt of 25 per cent. In next five years, growth in exports could be 40-50 per cent year on year at a bare minimum," Mr Sawhney said.
There are around 22 domestic and international firms, including iPhone maker Apple's contract manufacturers as well as Samsung, Lava, Dixon and so forth, that have lined up with proposals for mobile phones production worth Rs 11 lakh crore (US$ 156.05 billion) over the next five years.
Union Minister Mr Ravi Shankar Prasad said, “These proposals under the government's Rs 41,000 crore (US4 5.82 billion) production-linked incentive (PLI) scheme for mobile phone manufacturing are expected to create around 12 lakh jobs, 3 lakh direct and 9 lakh indirect employment opportunities in the country”.
Mr Sawhney further added that Japanese companies have enormous expertise and market share in capital goods which are used in the factories that manufacture electronic goods, digital displays, semiconductors, and India is looking forward to their engagement in the domestic market.
"I would say India and Japan have a tremendous complimentary position, especially in the electronics sector. It is time for us to bring in more investment from Japan into India, more technologies into India," Mr Sawhney said.
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