To this effect, Prasad instructed his ministry to set up an institutionalised mechanism in the form of a task force that would regularly interact with the industry, take their suggestions and address concerns.
Telecom and IT minister Ravi Shankar Prasad on Monday urged the captains of the electronics and mobile industry to step up investments as well as manufacturing in the country while asserting that the fundamentals of the economy remain strong despite global turbulence. To this effect, Prasad instructed his ministry to set up an institutionalised mechanism in the form of a task force that would regularly interact with the industry, take their suggestions and address concerns.
Prasad met the CEOs and heads of leading electronics and mobile companies like Apple, Dell, Oppo and Samsung, among others.
Prasad made a strong pitch for looking at India as a global hub for manufacturing and outlining their commitment in this context. He asked them to step up investments not only in mobile and automotive electronics segment but also strategic, defence and medical electronics, and robotics. “In spite of all the turbulence we are witnessing globally, India’s fundamentals of economy is strong, be it…foreign direct investment (FDI) or foreign reserves… all point toward robustness of our economy,” Prasad said.
He cited the government’s pro-growth, pro-investment policies and the sheer strength of India’s market, talent pool, and digital profile to argue that the country’s aspirations for electronics manufacturing and exports are not “far fetched”. The government has set its sight on creating a $400-billion (around Rs 28.43 lakh crore) electronic manufacturing ecosystem by 2025, and notified a new policy to galvanise manufacturing activities.
Terming 5G as the new frontier for growth, Prasad said the government is keen to see that the country emerges as a big hub for 5G knowledge economy, patent creation, and research and development activities.
“India must emerge as a big leader in strategic electronics. India is a big market for solar, automotive and consumer electronics, and I would like to hear from you on how to take this forward. India also has a huge potential for medical electronics,” Prasad said assuring the industry of the government’s full support.
The National Electronics Policy 2019 — cleared by the Cabinet earlier this year — plans to bolster mobile manufacturing in the country to 1 billion units worth $190 billion (about Rs 13 lakh crore) by 2025, of which 600 million units worth $110 billion (about Rs 7 lakh crore) will be exported.