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Ashwini Vaishnaw, IT Minister, at the Rising Bharat Summit 2024, announces that India has become a significant export center, accuses Congress of squandering 40 years.
Ashwini Vaishnaw, the Union IT Minister, accused the Congress of squandering the first 40 years of India's independence. He stated that if the technology manufacturing sector had been established correctly from the start, India would have become a significant export center much earlier.
During his speech at the News18 Rising Bharat Summit 2024, the Union IT Minister, Ashwini Vaishnaw, forcefully refuted the accusations made by the opposition. In the process, the minister severely criticized the opposition, alleging that the Congress squandered the initial forty years of India's independence.
He continued to assert that 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 more robust daily and generating a significant number of job opportunities.
When faced with the claim that India is solely involved in assembly rather than actual manufacturing, Minister Vaishnaw clarified that each industry has its unique development process. He added that the groundwork for India's manufacturing sector should have been established earlier.
The minister suggested using the automobile sector as an illustration. He noted that the sector began in India around the 1980s. Initially, the industry was characterized by completely knocked-down units, commonly referred to as CKDs. This was later followed by the emergence of semi knocked-down units, or SKDs.
Gradually, we built up a network of various parts makers, which expanded progressively. Soon after, we began to export. It's a process and if past Congress governments had established the groundwork for this back in the 1970s, India could have been a significant production hub by now," said Minister Vaishnaw.
The minister asserted that India's initial forty years were wasted due to the governance of the Congress party and their policies which further weakened India's fragile manufacturing sector. He argued that they had established such a complex system of laws, bureaucracy, and rules that even individuals with the resources to establish a manufacturing business were unable to do so.
"Prior to the 90s, conditions were incredibly dire. If a producer wished to modify the design of a fundamental, straightforward element, such as a door knob, they needed to seek approval from an Indian government representative," he further elaborated.
Today, India is at a pivotal point where the groundwork for its future as a manufacturing hub has been established. In the next five years, it's only expected to expand, stated Minister Vaishnaw. India is also a significant contributor to the global technology export market.
Minister Vaishnaw proceeded to illustrate how India is emerging as a significant player in global manufacturing. He stated, "Looking at mobile manufacturing, there has been a tremendous leap from an insignificant figure to more than 55 billion USD in the past decade. In the same vein, electronics production has reached 105 billion USD and continues to grow at a rate of double digits."
India has also seen substantial growth in exports. In a short span of years, India's defense exports have increased to $2 billion. Considering there was a time when we lacked any notable equipment export, this is a considerable advancement.
Likewise, Indian telecom producers exported goods valued 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 more than 35 years of experience, wouldn't have dreamt that India could have its own telecom manufacturing."
"Currently, we are shipping a variety of items globally. It's obvious that the opposition is uninformed," he stated.
Discussing the tech industry's role in job creation, Minister Vaishnaw responded to the opposition's claims that the Indian government's reported economic growth does not include employment. He said, "Consider the figures from the EPFO. Take into account all those who have become new members, those who have left, and those who have returned to work after a break. The cumulative figure of all these individuals, indicating the total job opportunities, was around 600,000 people per month a few years back."
Currently, the average monthly figure is approximately 1,200,000. This translates to about 14.4 million employment possibilities. Inquire with the opposition party members if there is any manipulation or distortion in these figures. Numerous economists have not only endorsed the approach but also confirmed these statistics.
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The 2024 Rising Bharat Summit announces the release of Indian-made Semicon by December 2024, as stated by IT Minister Ashwini Vaishnaw
In addition to semicon chips, India is set to begin production of chip-making machinery, according to IT Minister Ashwini Vaishnaw
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The 2024 Rising Bharat Summit announces the release of Indian-made Semicon by December 2024, as stated by IT Minister Ashwini Vaishnaw
In addition to semicon chips, India is set to begin production of chip-making machinery, according to IT Minister Ashwini Vaishnaw
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