New Delhi : In the last 2 years, we have demonstrated resilience in our economy. Our PM followed a well calibrated policy on stimulus package. We did not overspend but gave the right amount of stimulus to rebound our economy. We have learnt from 2008, how not to do a stimulus, said Rajeev Chandrasekhar while addressing the Valedictory Session at the 4th CII Global Electronics Summit titled – India gearing up to manufacture for the World. He appreciated the nuanced handling of the economy by the Narendra Modi Govt. during the Covid Pandemic which he remarked “defied inputs given by so called economic experts who suggested the USA/UK stimulus model”.
Speaking about the Government’s policy towards the electronics sector, Mr Rajeev Chandrasekhar stated that “ the basic framework of our electronics strategy is – broadening and deepening the electronics ecosystem”. He mentioned about the MeitY’s vision 1000 days that aims towards achieving $ 1 trillion Digital economy for AtmaNirbhar Bharat.
He also mentioned about the recently launched vision document on electronics manufacturing titled– ‘ Increasing India’s Electronics Exports and Share in GVCs’. The vision document on electronics manufacturing compiled by the ICEA and released jointly by the industry stakeholders and MeitY will be followed by a 5 year perspective plan on the roadmap to achieve $300 billion Digital economy target that we have set for ourselves in the electronics sector, said Mr Rajeev Chandrasekhar.
Speaking about the progress made in the last 7 years, Mr Rajeev Chandrasekhar mentioned that “Prior to 2014, electronics manufacturing was almost a dead activity. Since 2014, under the guidance of our Hon’ble PM, we have demonstrated that electronics manufacturing is something that we are capable of. Although we are just 3% of the $ 1.5 trillion Global electronics market which is a small drop in the ocean but we have made tremendous progress from being at 1.9 lac crore (2014) to 5 lac crore (2019-20). “
He further added that the post Covid World offers a unique set of opportunities as the world looks for new and trusted supply chains. Mr Rajeev Chandrasekhar has been holding discussions with various stakeholders involved in the electronics sector over the last few months. At the Global electronics summit he further hinted about a series of consultative meetinsg to discuss about the necessary reforms required in the tariff structure in the electronics summit.
Concluding his address, Mr Rajeev Chandrasekhar mentioned that there is absolute consensus between the Government, Industry, observers & people who are investing in India, that this is – ‘the time window’ for the electronics sector in India to grow and expand. He added that there may be different opinions on the means to reach the ultimate Goal of $300 bn Digital economy, but there is absolute alignment of intention amongst all stakeholders towards reaching it.
CII had organized a 2 day Global Electronics Summit where in different sessions were organized on Gearing up India to Manufacture for the World. Crucial areas like semiconductors, component ecosystem, pursuing design-led manufacturing, how could the country manufacture products which are totally imported today and how Indian manufacturing can embrace the advanced technologies to its own good were identified & discussed. The event was attended by Mr Chandrajit Banerjee, Director General, CII, Mr Vinay Shenoy, MD, Infineon Technologies, MR Ajai Chowdhry, Founder, HCL & Chairman, EPIC Foundation, Mr Sunil Vachani, Chairman, Dixon Technologies, Mr Jasbir Singh, Chairman and CEO- Amber Enterprises, Mr Vinay Dorle, Industry Lead – High Tech, Aerospace & Defense, Accenture India.