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2024 Ascending India Summit: India emerges as a key export center, Congress squandered 40 years, states IT Minister Ashwini Vaishnaw
Ashwini Vaishnaw, the Central IT Minister, alleges that the Congress party squandered the initial 40 years of India's independence. If they had properly established the technology manufacturing sector, India could have become a significant export center much earlier.
During his address at the News18 Rising Bharat Summit 2024, Union IT Minister Ashwini Vaishnaw fiercely countered the accusations made by the opposition. In the process, he harshly criticized the opposition, alleging that Congress squandered the initial forty years of India's post-independence era.
He continued to assert that immediately following Independence, India's industrial and political strategies were extremely restrictive. Minister Vaishnaw also demonstrated that in spite of international challenges, India's manufacturing sector is expanding, becoming more robust each day, and generating a significant number of job opportunities.
Regarding Manufacturing vs Assembling, when presented with the claim that India isn't truly producing any goods, just putting them together, Minister Vaishnaw clarified how each sector has its own development cycle. He further stated that the groundwork for India's manufacturing sector should've been established much earlier.
"Consider the automobile sector for instance. The inception of this industry in India took place around the mid-1980s. Initially, we had CKDs, which stands for completely knocked-down units. Following that, we introduced SKDs, or semi knocked-down units," stated the minister.
Gradually, we established a network of diverse part makers, which expanded as time passed. Following this, we began to export. It's a process, and if the former Congress administrations had set the groundwork for all this back in the 1970s, India would now be a prominent hub for manufacturing," stated Minister Vaishnaw.
The minister asserted that the Congress government's policies had sabotaged India's already fragile manufacturing sector during its initial forty years. The minister further alleged that the government had woven a complex network of rules, bureaucracy, and regulations, which made it impossible for anyone, even with adequate resources, to establish a manufacturing facility.
"Prior to the 1990s, conditions were so dire that if a producer wished to modify a fundamental, uncomplicated part such as a door handle, they would first need to seek approval from a representative of the Indian government," he went on to say.
Today, India is at a pivotal point where the groundwork for its future as a manufacturing hub has been established. In the upcoming five years, it is expected to only expand, according to Minister Vaishnaw. India is also a significant exporter of technology.
Minister Vaishnaw proceeded to illustrate how India is emerging as a significant player in the global manufacturing arena. He pointed out that mobile manufacturing in the country has surged from a minimal amount to over $55 billion in the past decade. In the same vein, the electronics sector is producing $105 billion and continues to expand at a rate in the double digits.
India has also experienced substantial growth in exports. In a relatively short period, India's defense exports have increased to $2 billion. Considering there was a time when we didn't export any significant equipment, this is indeed a noteworthy progression.
Likewise, Indian telecom producers had exports valued at $1 billion, a figure that is rapidly increasing. "It's difficult to comprehend this, but a seasoned professional from the Indian telecom industry, with over 35 years of experience, could not have foreseen that India would develop its own telecom manufacturing."
"Currently, we are shipping a variety of items globally. Obviously, the opposing side is clueless about the subject matter," he stated.
Discussing the role of the technology sector in job creation, Minister Vaishnaw responded to the accusation from critics that the Indian government's reported economic growth doesn't translate into employment. He directed attention to the EPFO statistics, taking into account new joiners, leavers, and those reentering the workforce after a break. He stated that the overall employment opportunities amounted to roughly 600,000 individuals monthly a couple of years back.
Currently, the monthly average number is approximately 1,200,000, which translates to roughly 14.4 million job prospects. The opposition should be questioned to ascertain if these figures have been manipulated in any manner. A number of economists have not only endorsed the calculation method but also corroborated the figures, he stated.
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At the 2024 Rising Bharat Summit, IT Minister Ashwini Vaishnaw announced that semiconductors made in India will be available on the market by December 2024.
IT Minister Ashwini Vaishnaw also stated that India is not only producing semicon chips, but will also start manufacturing the equipment required for making these chips.
The Indian Government has given the green light to Tata Group's plans to establish a Rs 91,000 crore chip foundry in Dholera, Gujarat.
IT Minister Rajeev Chandrasekhar believes that the next surge of innovation in India will be driven by semiconductors and artificial intelligence.
You can find us on YouTube.
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Associated News
The 2024 Rising Bharat Summit: Ashwini Vaishnaw, IT Minister, declares that Indian-manufactured semiconductors will enter the market by December 2024.
India is set to begin manufacturing not only semicon chips but also chip-making equipment, according to IT Minister Ashwini Vaishnaw.
The Indian government has given the green light to the Tata Group's chip foundry, valued at Rs 91,000 crore, which will be situated in Dholera, Gujarat.
IT Minister Rajeev Chandrasekhar predicts that the next wave of innovation in India will be driven by semiconductors and artificial intelligence.
The 2024 Rising Bharat Summit: Ashwini Vaishnaw, IT Minister, announces that semiconductors manufactured in India will be available on the market by December 2024.
India plans to start producing not just semicon chips but also chip-making equipment, as per IT Minister Ashwini Vaishnaw.
The Tata Group's Rs 91,000 crore chip foundry, to be established in Dholera, Gujarat, has been approved by the Indian government.
IT Minister Rajeev Chandrasekhar believes semiconductors and AI will lead the next innovation wave in India.
You can find it on YouTube.
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