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Bharat Summit 2024: India is a significant export center, Congress squandered 40 years, according to IT Minister Ashwini Vaishnaw
IT Minister Ashwini Vaishnaw of the Union has accused the Congress of wasting India's first 40 years of independence. He argues that if the groundwork for the technology manufacturing industry had been set up correctly, India could have been a significant exporter much earlier.
Union IT Minister Ashwini Vaishnaw, during his address at the News18 Rising Bharat Summit 2024, firmly countered the accusations made by the opposition. In the process, he also criticized the opposition, alleging that Congress squandered the initial forty years of India's independence.
He continued to state that immediately following Independence, India's production and policies were extremely restrictive. Minister Vaishnaw demonstrated that, even in the face of international challenges, India's manufacturing sector is expanding, becoming more robust each day, and generating significant job opportunities.
Regarding the claim that India is only putting together items rather than actually producing them, Minister Vaishnaw clarified that each sector has its unique progression. He further stated that the groundwork for India's manufacturing sector should have been established much earlier.
"Consider the automobile industry as an illustration. The inception of this industry in India was in the mid-1980s. Firstly, we had CKDs, which are fully disassembled units. Later, we had SKDs, which are partially disassembled units," stated the minister.
Gradually, we built up a network of various parts producers, which expanded over time. Shortly after, we began to export. It's a process, and if the past Congress administrations had established the groundwork for all this in the 1970s, India would have already been a key manufacturing hub," stated Minister Vaishnaw.
The minister asserted that India's initial forty years were squandered due to the Congress government and their strategies which further weakened India's existing fragile manufacturing sector. According to him, they established such a complex system of laws, bureaucracy, and rules that even a person with the resources to start a manufacturing business found it impossible.
"Prior to the 90s, things were in such a dire state that even if a producer desired to alter the design of a straightforward, elementary piece, such as a door knob, they were required to secure approval from a representative of the Indian government," he went on.
Currently, India is poised at a crucial point where the groundwork for its establishment as a manufacturing hub has been set. In the forthcoming five years, this sector is expected to see significant growth, according to Minister Vaishnaw. He also highlighted that India is a leading exporter of technology.
Minister Vaishnaw proceeded to illustrate India's growing prominence as a global manufacturing powerhouse. He stated, "In terms of mobile manufacturing, we've seen a surge from a negligible amount to more than $55 billion over the past decade. Likewise, the electronics sector has reached a production value of $105 billion, with growth in the double digits."
India has also made substantial progress in the area of exports. Over a short period, India's defense exports have risen to $2 billion. This is a remarkable advancement, considering there was a time when we had no major equipment exports.
Likewise, the value of exports from India's telecom producers stood at $1 billion, a figure that is rapidly increasing. "It's difficult to comprehend, but there was a time when a seasoned professional from the Indian telecom industry, with over 35 years of experience, couldn't have possibly envisioned India having its own telecom production."
"Currently, we are shipping a variety of items to numerous global locations. Evidently, the adversaries are uninformed or oblivious about the situation," he stated.
Discussing the role of the technology sector in job creation, Minister Vaishnaw responded to critics who claim that India's economic growth isn't translating into employment. He pointed to data from the EPFO, factoring in new entrants, those who've left, and those returning to work after a break. He stated that the total employment opportunities amounted to around 600,000 per month a few years back.
Currently, the monthly average of job openings is around 1,200,000, which amounts to approximately 14.4 million job opportunities. Those opposing might question the accuracy of these figures. However, many economists have not only endorsed the method used to calculate these figures but have also confirmed their authenticity.
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