Ashwini Vaishnaw noted that India had missed previous opportunities due to restrictive laws, but recent reforms have opened the door for rapid growth. He credited India's economic progress to a clear policy framework established by Prime Minister Narendra Modi, which is based on four key pillars.
Ashwini Vaishnaw said that India will soon launch its first homegrown chip with new units
India is all set to launch its first indigenous semiconductor chip soon, as five semiconductor units are currently under construction in the country, Union Minister for Electronics and Information Technology Ashwini Vaishnaw said on Thursday.
The Minister highlighted that India's electronics manufacturing sector, once negligible, has now become one of the top three export sectors.
Ashwini Vaishnaw said, "We have five semiconductor units under construction and will soon see our first Indian chip rollout, with telecom manufacturing significantly growing".
The minister noted that India had missed previous opportunities due to restrictive laws, but recent reforms have opened the door for rapid growth. He credited India's economic progress to a clear policy framework established by Prime Minister Narendra Modi, which is based on four key pillars.
"The first is the Public Investment in infrastructure where the government is investing nearly Rs 11 lakh crore in social, digital, and physical infrastructure. As a result, India has become the second-largest 5G market in the world and the Indian Railways is set to become the second-largest carrier, transporting 1.6 billion tons this year.," he said.
The minister emphasized the second point as the growth in manufacturing, he reiterated that India had previously lost manufacturing opportunities due to strict regulations, but reforms have enabled the sector to flourish.
He said, "Our country missed opportunities in the past due to inhibiting laws, but now, change is happening".
He also mentioned that the government has focused on inclusive development, benefiting nearly 80 crore people. Initiatives such as household sanitation have transformed lives, with 13 crore people gaining access to toilets.
The minister emphasized legal and economic reforms, stating that the government has introduced three new laws to reform the criminal justice system-considered the most significant legal reform since Independence.
Vaishnaw expressed confidence that these initiatives would enable India to maintain a 6-8 per cent growth rate in the years ahead. He encouraged investors to act swiftly, highlighting India's increasing demand and investment potential.
He highlighted that India's economy, valued at Rs 331 lakh crore, has seen an investment rate of around 31 per cent, with significant contributions from both the government and the private sector.
"The numbers speak for themselves, making this a timely opportunity to invest, focusing on technology and productivity," he said.
Through continuous infrastructure development, thriving electronics and telecom manufacturing, and policy reforms, India is eastablishing itself as a global technology and economic powerhouse. (ANI)
(With ANI inputs)
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