According to Rajeev Chandrasekhar, India's minister of state for electronics and information technology, the country's recent manufacturing boom in the technology industry will create about 50 lakh new jobs in the country over the next three years. Companies like Apple, Micron, and others are searching for reliable partners and economies, Chandrasekhar said at The Times of India Right To Excellence Tech Summit 2023. According to Chandrasekhar, India has "the fastest growing digital economies, except for China and South Korea," and the country is actively trying to get businesses to relocate their supply chains there. He stated that India's aim is to develop an electronics sector worth $300 billion. According to Rajeev Chandrasekhar, India's Minister of State for Electronics and Information Technology, over 5 million new employment will be created in the tech industry in the next three years as a result of the country's push for manufacturing. Companies like Apple, Micron, and others, Chandrasekhar said at The Times of India Right To Excellence Tech Summit 2023, are looking for dependable partners and economies. We are encouraging businesses to relocate their supply chains to India because our digital economy is developing faster than any others save China and South Korea, said Chandrasekhar. He stated that the Indian electronics industry's long-term goal is to reach $300 billion in size.
Two major'made in India' projects have made significant progress in the recent week. The iPhone 15 launched on September 22, and for the first time, units'made in India' were also available on Day 1. Number two, a $2.75 billion semiconductor facility from Micron is going to be built in Gujarat. In a fireside talk at the TOI Tech Summit 2023, Chandrasekhar observed, "India has carved out a niche and that is one of the reasons why companies like Apple are coming to India." What the government wants is for the supply chain of big IT businesses to be more domestic-oriented.
Recently, there was talk about India 'banning' laptop imports under the PLI program and that licensing will be returning. Chandrasekhar emphasized that the language used was a bit ambiguous but the decision was clear. The Prime Minister is quite adamant that "the entire process has to be foolproof," hence the decision was not made hastily, he stated. The PLI scheme was also addressed by Tech Mahindra's MD and CEO, CP Gurnani. India is becoming just as much of a hardware story as it is a software one. The public and commercial sectors worked together to accomplish this. The government deserves much of the credit for serving as a catalyst.
He dismissed concerns that India might return to a system of pointless permits. The majority of India's supplies for the digital ecosystem are imported from other countries. When asked what he wanted to accomplish, Chandrasekhar responded, "we want to ensure that all the sources remain trusted." With this in mind, the government is pushing for increased participation from India in the supply chain. "We want to ensure that 65-70% of supply requirement come from India in the next three years," he told the crowd.
The administration is concerned about avoiding causing disruption, as Chandrasekhar noted, and the text of the Digital India Act would be released soon. "We're looking for a balance," the Minister of State continued. That said, "We don't want changes to be abrupt," and "there's a need for accountability on both sides."
Former Indian Army Northern Command GOC-in-C Lt. Gen. Deependra Singh Hooda (Ret.) emphasized the importance of taking the initiative in the face of cyber threats. The stakes are too high to rely on only defensive strategies. Every small business today is considered a part of the nation's important infrastructure, which the government is working hard to safeguard.
Questions like, "What does India's tech story look like?" were discussed at length during the Times of India's Right To Excellence - IT Summit 2023.
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