Shares of Electronics Manufacturing Services (EMS) companies, including and, traded in the green during Tuesday’s session, October 28, defying the broader market weakness after the government approved the first batch of seven projects under the Electronics Components Manufacturing Scheme.
Union Electronics and IT Minister Ashwini Vaishnaw on Monday said that the government has cleared seven projects worth ₹5,532 crore out of 249 proposals received under the scheme. The move is expected to help reduce India’s import bill by around ₹20,000 crore, according to a PTI report.
Following the announcement, Syrma SGS Technology shares jumped 7.23% to a day’s high of ₹809.55, and if the momentum sustains, it could mark the stock’s first gain in three sessions.
Kaynes Technology India also traded higher, climbing nearly 4% to ₹6,998 apiece.
India takes a big step toward self-reliance in camera module manufacturing
The approvals include four projects by Kaynes Circuits India, covering multi-layer and high-density printed circuit boards (PCBs), camera modules, and laminates. Other approved projects include those by SRF, Syrma Strategic Electronics, and Ascent Circuits, the electronics and IT ministry said.
The minister added that the approved proposals involve the manufacturing of multi-layer printed circuit boards, camera modules, copper laminates, and polypropylene films used in capacitors for consumer electronics.
Notably, camera modules will now be made in India without foreign technology support and can be used in smartphones, tablets, laptops, and CCTV equipment, the report said.
Policy push and ‘China+1’ strategy strengthen India’s EMS growth outlook
The domestic EMS sector has grown rapidly in recent years, supported by favourable government policies such as the Production-Linked Incentive (PLI) scheme and the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS). This growth has been further boosted by India’s cost competitiveness, improving infrastructure, and skilled labour base.
Moreover, the “China+1” strategy has strengthened India’s position as a global manufacturing hub.
As per the recent estimates, the country’s share in the global EMS market is projected to quadruple to 7% by CY26, reaching US$80.2 billion, driven by a rapidly expanding domestic electronics market, which is expected to grow by about 25.5% to US$282 billion, supported by both domestic and export demand.
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