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regular-article-logo Tuesday, 05 March 2024

India will become significant component exporter in next 3-4 years: Ashwini Vaishnaw

The minister said the Production Linked Incentive scheme for the mobile sector alone has created 5 lakh incremental job opportunities

PTI Noida Published 30.11.23, 09:28 PM
Ashwini Vaishnaw

Ashwini Vaishnaw File photo

Electronic components ecosystem is developing in the country and India will become a significant component exporter in the next 3-4 years, Union minister Ashwini Vaishnaw said on Thursday.

The minister said the Production Linked Incentive scheme for the mobile sector alone has created 5 lakh incremental job opportunities and it is expected to grow further in the next five years.

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"Serious design capability is getting developed in India. This will benefit the country. The electronics component base is being developed in the country. In the coming 3-4 years we will have a similar situation like mobile phones. Like we have become a mobile exporter. We will become component exporters as well," Vaishnaw said.

According to the electronics industry body Elcina, the total component market base in the country was USD 39 billion in 2021-22 out of which 68 per cent requirement was met through imports.

Vaishnaw was speaking with reporters after inaugurating the fourth mobile phone manufacturing unit of Dixon Technologies set up by its subsidiary Padget Electronics with an investment of Rs 256 crore.

The facility has an annual production capacity of 2.5 crore and will produce smartphones for Chinese company Xiaomi.

The minister attacked the opposition for calling electronics manufacturing in the country a mere assembly.

"Industry has ignored their criticism. Local value addition in many electronics products has increased to up to 60 per cent," Vaishnaw said.

The minister alleged that the Congress party in the last 60-70 years regime has the mindset to not come up with schemes that can create jobs.

"Manufacturing was the one sector which was discouraged during the Congress government by way policies," Vaishnaw said.

He said one of the first schemes that Prime Minister Narendra Modi launched was "Make In India".

"Many regulations that discouraged manufacturing were removed. More than 20,000 compliances were removed. Over 1500 archaic laws were removed," Vaishnaw said.

He said as per formal employment data, net employment opportunities are at present to the order of 14 lakh per month.

The minister said that the Modi government has created an entire bouquet of policies and schemes to encourage the manufacturing ecosystem.

He said when Prime Minister Modi took charge in 2014 financial sector was in a mess and foreign investors were not ready to come to India.

When asked if the government is concerned about Chinese companies not exporting from India, the minister said, "I encourage every company to make mobile phones in India. I encourage every company to export from India," Vaishnaw said.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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