Tuesday, March 5, 2024
Tuesday, March 5, 2024
HomeBusinessProduction of electronics worth $300 billion in few years is realistic and...

Production of electronics worth $300 billion in few years is realistic and achievable target: IT Minister – Times of India

NEW DELHI: India has embarked on the path to achieve electronics production worth $300 billion, including $100 billion in exports, in the coming years, which is a realistic and achievable target for the government, Union Minister of Electronics, IT and Railways. Ashwini Vaishnawhe said here on Saturday.
Addressing the ‘Global Business Summit’ event in the national capital, the minister said the overall manufacturing ecosystem, which is developing at a very rapid pace, has given them confidence to meet those targets within a few years.
“Component manufacturers have started moving to our country. A lot of electronics and semiconductor design work has been started. All this will ensure that India becomes a reliable partner in the global value chain (GVC) in a short period of time. time,” Vaishnaw. he told the meeting.
The government reduced import duties on components used in smartphones to help domestic manufacturers compete with rivals in China and Vietnam, and this is likely to boost export growth momentum.
Following the success of the PLI scheme for mobile phones, the government hopes that the PLI for IT hardware and servers will also generate more investments in the country’s components ecosystem to develop the supply chain.
India has become the second largest mobile phone manufacturer in the world (in terms of volume).
The export of mobile phones has also increased from an estimated Rs 1,566 crore in 2014-15 to an estimated Rs 90,000 crore in 2022-23, marking an impressive increase in exports of over 5,600 per cent.
Highlighting India’s notable progress in 5G deployment, Vaishnaw said, “We managed to deploy 5G in 16 months using ‘made in India’ equipment, positioning our technology to compete with global standards.”
“All citizens, regardless of their socioeconomic status, should have access to advanced technology,” the minister stressed.
He said the semiconductor story in India has been worth it. “In June of last year, the Micron The semiconductor project was announced during Prime Minister Narendra Modi’s visit to the United States. In less than 90 days, an inauguration ceremony took place in Sanand, Gujarat,” the minister said.
In September last year, US-based Micron Technology broke ground on a Rs 22,500-crore facility in Sanand, Gujarat, which will set a benchmark for the semiconductor journey in India.

Source link

I Am digital marketing enthusiast with a passion for helping businesses thrive in the online world. With a strong foundation in SEO, social media marketing, and content creation, I'm committed to driving impactful growth through innovative strategies.


Please enter your comment!
Please enter your name here

Most Popular

Recent Comments