India’s Bare PCB Manufacturing Poised for Rapid Scale-Up
India’s bare printed circuit board (PCB) manufacturing industry is set for a structural leap, with output projected to grow at a ~45% CAGR till FY29. Domestic production is expected to rise from $0.6 billion to $3.8 billion, while import dependence could fall sharply from 88% to ~69%. This shift reflects a deeper transition in India’s electronics ecosystem—from final assembly toward higher-value component manufacturing.
Why this matters:
PCBs are the backbone of all electronics—from smartphones and EVs to telecom gear and defence systems. Historically, India has imported most bare PCBs (largely from China, Taiwan, and Southeast Asia), limiting domestic value addition. Rising electronics demand, geopolitical supply-chain diversification, and targeted government incentives (including electronics PLIs and state subsidies) are now catalysing local capacity creation in PCB fabrication, not just assembly.
Economic implications:
Higher domestic value added: Moving upstream lifts margins and embeds India deeper into global value chains.
Supply-chain resilience: Reduced import reliance lowers vulnerability to shocks and lead-time risks.
Capex & skills push: PCB fabs require capital, process know-how, and quality controls—driving ecosystem development (chemicals, laminates, testing).
Export optionality: As quality and scale improve, Indian PCBs can serve global OEMs.
Indian Stocks That May Be Impacted