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Bharat Summit 2024 sees India as a key export center, IT Minister Ashwini Vaishnaw criticizes Congress for squandering 40 years
The Federal IT Minister, Ashwini Vaishnaw, accused the Congress of frittering away India's initial 40 years of independence. He argued that if the tech manufacturing sector had been adequately established earlier, India could have been a prominent export center much sooner.
During his speech at the News18 Rising Bharat Summit 2024, the Union IT Minister Ashwini Vaishnaw responded robustly to the accusations made by the opposition. In his counter-arguments, he criticized the opposition harshly, stating that the Congress party squandered the initial four decades of India's post-independence era.
He continued by stating that immediately following Independence, India's manufacturing sector and policies were quite restrictive. Minister Vaishnaw also demonstrated that in spite of global challenges, India's manufacturing sector is expanding, becoming increasingly robust each day, and generating a significant number of job opportunities.
Addressing the claim that India is only assembling products rather than manufacturing them, Minister Vaishnaw clarified that each industry has its unique development stages. He further stated that the groundwork for India's manufacturing sector should have been established much earlier.
The minister suggested we use the automotive sector as a case study. He explained that when car manufacturing began in India around the mid-1980s, the initial phase was dominated by CKDs, or fully disassembled units. This was followed by the introduction of SKDs, or partially disassembled units.
Gradually, we established a network of assorted component makers, which expanded over time. Subsequently, we began to export. This is a process, and if the past Congress administrations had set up the groundwork for all this back in the 1970s, India would have already become a significant manufacturing hub," stated Minister Vaishnaw.
The minister asserted that due to the Congress government and their strategies, India squandered its initial forty years, causing further harm to the already weakened manufacturing sector. The minister accused them of creating such a complex network of laws, bureaucracy, and rules that it made it impossible for anyone with the resources to establish a manufacturing entity.
"Prior to the 90s, conditions were extremely dire. So much so that if a producer wished to modify the blueprint of a fundamental element, such as a door knob, they would need to secure authorization from an Indian government representative," he went on.
Minister Vaishnaw stated that India, a significant technology exporter, is currently at a crossroads. The groundwork for its development as a manufacturing hub has been established, and it is anticipated to expand in the next five years.
Minister Vaishnaw proceeded to demonstrate how India is emerging as a significant player in the global manufacturing industry, stating, "Looking at mobile manufacturing, it has grown from an insignificant figure to over USD 55 billion in the past decade. In the same vein, the output in electronics has reached $105 billion and continues to experience double-digit growth."
India has also seen substantial growth in the export sector. Within a short span of time, India's defense exports have surged to $2 billion. This is a remarkable progression considering there was a time when we hardly exported any major equipment.
Likewise, telecom producers in India have managed to export goods worth $1 billion, a figure that is rapidly increasing. "It may seem unbelievable, but there was a time when a seasoned professional from the Indian telecom industry, with over 35 years of experience, could not have envisioned India having its own telecom manufacturing."
"Currently, we are shipping various kinds of products to different parts of the globe. Obviously, the rivals have no understanding of what they're discussing," he stated.
Discussing the role of the technology sector in job creation, when confronted with the opposition's claim that the Indian government's touted growth is devoid of employment opportunities, Minister Vaishnaw responded, "Simply examine the EPFO data. Consider all the new entrants, those who have left, and those who have returned to the labor market after a break—the combined count of all these individuals, the aggregate job openings was around 600,000 per month a few years back."
Currently, the monthly average is approximately 1,200,000. This equates to roughly 14.4 million job openings. Opposition members should be queried if they believe these figures have been manipulated in any manner. Numerous economists have not only endorsed the calculation method, but also corroborated the statistics," he stated.
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