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Bharat 2024 Summit: India has become a significant export center, Congress squandered 4 decades, states IT Minister Ashwini Vaishnaw
Ashwini Vaishnaw, the Indian Union IT Minister, criticized Congress for squandering the initial 40 years of India's independence. He suggested that if the tech manufacturing sector had been properly established, India could have been a major export hub much earlier.
During his speech at the News18 Rising Bharat Summit 2024, the Union IT Minister, Ashwini Vaishnaw, firmly refuted the accusations made by the opposition. In addition, he sharply criticized the opposition, asserting that the Congress squandered the initial four decades of India's independence.
He continued by stating that following independence, India's manufacturing sector and policies were extremely restrictive. Minister Vaishnaw additionally demonstrated that in spite of international challenges, India's manufacturing sector is expanding, becoming more robust daily, and generating a significant number of job opportunities.
In response to the claim that India isn't actually producing any goods, but simply putting together components, Minister Vaishnaw clarified that each sector has its unique development process. He added that the groundwork for India's production sector should have been established earlier.
"Consider the automobile sector for instance. Its inception in India dates back to the mid-1980s. Initially, we dealt with CKDs, also known as completely knocked-down units. Following this, we transitioned to SKDs, or semi knocked-down units," stated the minister.
Gradually, we built up a network of various component manufacturers, which expanded as time went by. After some time, we began to export. This is a process, and if the former Congress governments had established the groundwork for all of this back in the 1970s, India would have already become a significant manufacturing hub," Minister Vaishnaw further elaborated.
The minister alleged that India's initial forty years were wasted due to the Congress government and their strategies that further weakened India's fragile manufacturing sector. He further asserted that they had created such a complex maze of laws, bureaucracy, and rules that it became impossible for anyone with resources to establish a manufacturing facility.
"Prior to the 1990s, conditions were quite dire. For a manufacturer to modify the design of a basic item, such as a door handle, they would have needed to get approval from a representative of the Indian government," he carried on.
Minister Vaishnaw stated that India is currently at a crucial point where the groundwork for its development as a manufacturing hub has been established. He further added that this growth is expected to continue over the next five years. India is notably a significant exporter of technology.
Minister Vaishnaw proceeded to illustrate how India is rapidly emerging as a significant manufacturing powerhouse on an international level. He claimed, "Taking mobile manufacturing for instance, it has skyrocketed from a trivial figure to well over USD 55 billion in the past decade. In a similar vein, the electronics sector is producing an output of $105 billion and continues to grow at a rate of double digits."
India's export sector, particularly in defense, has seen substantial growth. Over a short period, defense exports have escalated to $2 billion. This is a noteworthy progression, especially considering there was a time when India had virtually no major equipment exports.
Likewise, telecom producers in India have made exports worth $1 billion, a figure that's rapidly increasing. "It's difficult to comprehend, but a seasoned professional from the Indian telecom industry, who has over 35 years of experience, might have never envisioned that India would establish its own telecom manufacturing."
"Currently, we are shipping various products globally. Obviously, the opposing party lacks understanding regarding this matter," he stated.
Discussing the role of technology sector in job creation, Minister Vaishnaw addressed the criticism that the reported growth by the Indian government doesn't translate into employment. He stated, "Just consider the statistics from the EPFO. If we account for all the people who have entered, left, and re-entered the workforce after a break, the cumulative figure for job opportunities was around 600,000 people per month a few years back."
Currently, the average monthly figure is approximately 12,00,000. This equates to roughly 1.44 crore employment prospects. Question the opposition representatives if they believe these statistics have been manipulated in any way. Numerous economists have not only endorsed the calculation method but also confirmed the figures," he stated.
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At the Rising Bharat Summit 2024, IT Minister Ashwini Vaishnaw announced that the Indian-made Semicon will enter the market by December 2024.
In addition to semicon chips, Vaishnaw also mentioned that India will commence production of chip-making equipment.
The Indian Government has given the green light to Tata Group's chip foundry project, costing Rs 91,000 crore, which is to be established in Dholera, Gujarat.
According to IT Minister Rajeev Chandrasekhar, the next round of innovation in India is expected to originate from semicon and AI.
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