A senior official of the Ministry of Electronics and Information Technology (MeitY) stated on Tuesday that India should advance up the value chain in the production of electronics components from the current levels of 15%.
Even at 15% value addition, there is a huge potential for employment, according to S Krishnan, Secretary, Ministry of Electronics and Information Technology. The government is willing to assist these entrepreneurs in their endeavors.
Speaking here at the Merchants Chamber of Commerce and Industry, Krishnan stated, “The government’s new strategy places a strong emphasis on electronics manufacturing in the nation. The percentage of value added currently by Indian enterprises is 15%. The government is willing to assist efforts to increase this percentage, thus work in that direction should be prioritized.
The nation needs to host more factories that produce electronics components. He continued, “Investments must be made, and the component eco-system should emerge in India.”
He stated that India needs a robust supply chain for semiconductors and that the government has set aside Rs. 75,000 crore to be spent over five years in subsidies. During COVID-19, there were supply disruptions that had an impact on the automotive industry.
According to Krishnan, one of the government’s objectives is to create a digital economy by 2030 that is worth $1 trillion USD.
He claims that the growing digital industry fosters growth and that productivity would increase as a result of technology advancements.
“With advancements in hardware, the Internet of Things (IoT), artificial intelligence (AI), and machine learning are coming together,” he stated.
“At the moment, the nation’s digital economy uses $100 billion worth of gear. Over the course of five to six years, this sum ought to increase to USD 300 billion, he continued.
He mentioned the Digital Personal Data Protection Act (DPDP) of 2023, stating that it has been passed and that the regulations governing it are presently being prepared before being made available to the public.
He added, “These regulations will also serve as a springboard to control data flows to AI.”
Additionally, he stated that increased vigilance is being taken in the area of cyber security to protect the nation’s cyberinfrastructure.
