New Delhi, Mar 15 (PTI) Indigenous electronics production is expected to reach Rs 8.42 lakh crore and export Rs 1.76 lakh crore in the current financial year, Parliament was informed on Wednesday.

Minister of Electronics and IT Ashwini Vaishnaw in his submission to the Lok Sabha said India's share of global exports has increased to approximately 1.8 per cent in the current year from 1.2 per cent last year.

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"The domestic production of electronic items is expected to reach Rs 8.42 lakh crore (USD 105 billion) in the current FY 2022-23 as compared to Rs 6.40 lakh crore (USD 87.35 billion) in FY 2021-22 and is targeted to reach USD 300 billion by 2025-26," Vaishnaw said.

The minister also said that the export of electronic goods has increased from Rs 39,978 crore (USD 5.96 billion) in FY 2016-17 to Rs 1,09,797 crore in FY 2021-22 (USD 14.6 billion), exhibiting a compound annual growth rate (CAGR) of 22.39 per cent.

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"India's electronic exports are expected to reach Rs 1.76 lakh crore (USD 22 billion) in the current FY 2022-23 as compared to Rs 1.09 lakh crore (USD 14.6 billion) in FY 2021-22," Vaishnaw added.

According to data shared by the minister, Karnataka led the electronics exports chart with exports worth USD 3,898 million (about Rs 3.22 lakh crore), followed by Uttar Pradesh USD 3,792 million (Rs 3.13 lakh crore).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)