India wants to become a chip maker from a chip taker: PM

He dedicated ‘MyScheme’ to the citizens, which will provide access to government schemes at a single place.

By Nayan Dave

As India is fast converting from ‘chip taker to chip maker’, the electronics manufacturing sector is set to cross $300 billion in the next three to four years — a four-fold increase from around $75 billion.

Inaugurating the Digital India Week 2022 in Gandhinagar, with the theme ‘Catalyzing New India’s Techade’, Prime Minister Narendra Modi said here on Monday that huge investments are being made to increase production of semiconductors in India. With the Central government pushing ‘Digital India’ initiatives, the nation would reap the benefit of Industrial Revolution 4.0, he said.

“India became a victim of the third industrial revolution. However, the same nation is showing direction to the world in the process of the fourth industrial revolution. Time will move on, if we don’t adopt the new technology. Today India has a 40% share in digital financial transactions across the world. Every minute 130,000 Unified Payment Interface (UPI) transactions are happening in India. By the time I complete the full form of UPI, already 7,000 transactions across the country would have taken place,” said Modi.

He said India has shown the world how correct use of technology can change the life of people. Post the ‘Digital India’ movement, ‘ease of living’ and ‘ease of doing business’ in India have further strengthened, he said, adding digitisation of services has brought transparency for the poor and the middle class, eliminating middle-men and corruption.

“Through direct bank transfer (DBT), the government deposited Rs 23 trillion directly to the bank accounts of beneficiaries. Due to technology, Rs 2.23 trillion was saved and the government ensured free ration to more than 800 million people during the peak pandemic period. Just because of technology, India could successfully execute targeted and efficient Covid vaccination and relief programmes,” he said.

Without naming the Opposition Congress party, he said that just eight years ago people used to stand in long queues for paying bills, getting ration, admission in school, results and getting certificates, at banks to get their own money, railway reservations, even for birth and death certificates. “Within a decade, we could change all these, most of these services are now available at a single click,” he added.

During the inauguration ceremony, the PM also launched the ‘Digital India Bhashini’ that will enable Indians an easy access to the internet and digital services in vernacular languages, along with ‘Digital India GENESIS’ (Gen-next Support for Innovative Startups), a national deep-tech startup platform. He dedicated ‘MyScheme’ to the citizens, which will provide access to government schemes at a single place.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Most Read In Industry
Photos