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14 SMT007 MAGAZINE I SEPTEMBER 2025 Editor's note: The following is an excerpt from the Global Electronics Association's June 2025 report, "Interconnected: Global Electronics Trade in an Age of Disruption," which details exactly how and why the electronics manufacturing industry is the most interconnected supply chain on the planet. I ndia has long been viewed as a country with vast potential in electronics manufacturing. Its large population, low labor costs, and growing domestic demand have made it an attractive destination for global companies looking to diver- sify production beyond China. In recent years, that potential has begun to materialize. Between 2017 and 2023, India emerged as one of the fastest-growing sources of finished electronics imports globally. This rapid expansion has been built on a foundation of imported components. In 2023, India's total electronics imports surpassed $100 billion, up from $60 billion in 2017. This growth was driven overwhelmingly by increased imports of electronics inputs, which now account for the majority of India's electronics trade. In 2023, inputs represented 60% of India's total electronics imports, reversing the balance from 2016, when finished goods made up the larger share. While India has become a growing source of finished electronics for other countries, its own imports of finished goods have increased more slowly. From 2017 to 2023, finished electron- ics imports rose from $35 billion to just under $41 billion, an increase of less than 17%. China remains India's dominant supplier, accounting for nearly half of all finished electronics imported in 2023. Other key suppliers include the European Union, the United States, Vietnam, and Japan. F E AT U R E A RT I C L E by t h e G l o b a l E l e ct ro n i c s As s o c i a t i o n India: A Rising Exporter Still Dependent on Global Inputs