BANGALORE, INDIA: Being one of the fastest emerging markets in design sector, India will become the third largest economy by 2030, said Pradeep N Dhoot, group president, Videocon Industries Limited.

Speaking at ISA Vision Summit-2012 today, Dhoot projected that the global electronics industry, which is $1.8 trillion, would be $2 trillion by 2014 and $2.4 trillion by 2020.

India's electronics systems design and manufacturing (ESDM) industry is projected to touch $400 billion by 2020, but the current level of domestic production has raised concerns that the country's import of electronics will potentially exceed its oil bill.

He added that the electronics and semiconductor industry serves as a driver, enabler and indicator of technological progress. Developments in this industry determine the way they work, transport, communicate, entertain and respond to the environment.

Pradeep listed the factors that drive electronics demand as growth in per capita income, corporate spending, improved focus on infrastructure, increase in investments in automotives, innovation and retaining intellectual property in India.

Comparing the Indian market with China and Taiwanese, he said the Indian market has amazing talent pool, excellent technology and a good market to cater to, but innovation and manufacturing sectors need to be improved.

He concluded that the mobile revolution, expanding middle class, growing emphasis on quality healthcare, increasing government spend on aerospace and defence, enhancing significance of energy efficiency are the key trends influencing growth in Indian electronics market.