India's PCB Exports to China Surge 40-Fold to $1.5 Billion

The PCB numbers sit alongside a broader smartphone export story. The Production Linked Incentive scheme for large-scale electronics manufacturing, launched in 2020, has helped make smartphones India's single largest export item. Shipments grew 22% to $29.4 billion in FY26.

PCB manufacturing falls under the government's Rs 22,919 crore electronics component manufacturing scheme, which incentivises multi-layer PCBs, high-density interconnect PCBs, and copper clad laminates. The first tranche of approved projects, worth Rs 5,500 crore and cleared in October 2025, is expected to meet all of India's domestic copper clad laminate needs and 20% of domestic PCB demand. Beneficiaries include Kaynes Circuits India, Syrma Strategic Electronics, Ascent Circuits, and SRF Limited.

Pankaj Mohindroo, chairman of the India Cellular and Electronics Association, said the data demonstrates that PLI schemes, supply chain diversification efforts, and investments in electronics manufacturing are beginning to translate into deeper value addition and stronger participation in global electronics value chains. He said the exports are likely dominated by assembled boards used in smartphones, telecom equipment, consumer electronics, and IT hardware.

India imported $46.4 billion worth of electronics items from China in FY26, comprising 35% of its total imports of $131.6 billion. PCBs stood as the second largest shipped item to China after light naphtha in FY26.

The overall share of manufacturing in India's GDP stands at close to 16% as of FY26, aided by moderate-to-high success in the various PLI schemes.