Ravi Shankar Prasad asks CEO’s of electronics, Mobile corps to step up investment and manufacturing in India

Date:

Trending

The Government on Monday exhorted captains of electronics and the mobile industry to step up investments as well as manufacturing in India and asserted that fundamentals of the economy remain strong despite global turbulence.

- Advertisement -

Addressing CEO and heads of leading electronics and mobile companies like Apple, Dell, Oppo and Samsung among other others, IT Minister Ravi Shankar Prasad made an aggressive pitch positioning India as global hub for manufacturing, and urged the players to look at India “with greater vigour, and more commitment”.

He asked them to step up investments not only in mobile and automotive electronics segment but also strategic, defense and medical electronics, and robotics.

- Advertisement -

“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.

Prasad 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”.

India has set its sight on creating a USD 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 India 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.

Prasad instructed his Ministry to set up an institutionalised mechanism in form of a taskforce that would regularly interact with the industry, take their suggestions and address concerns.

The Minister is holding discussions with leading electronics and mobile firms, to persuade them to step-up manufacturing in India and leverage the country for global exports.

The Minister’s day-long brainstorming session with CEOs comes at a time when India is trying to pitch itself as an international hub for electronics, and grab opportunities that have cropped-up in the backdrop of rising trade tensions between US and China, a global manufacturing powerhouse.

The closed-door meeting includes representatives from all major verticals of electronics sector such as mobile handsets, consumer electronics, strategic electronics, medical devices, electronics manufacturing services, components, telecom and LED lighting, among others.

But all eyes will be on leading global players like Apple, Samsung, and others to see the policy prescriptions suggested by them. Interestingly, India hopes to nudge the tech titans to deepen their investment commitments, attract supply chain and anciliary firms, and increase value addition here,.

Big names in the electronics and manufacturing industry including Vivo, Oppo, Qualcomm, Xiaomi, Dell, HP, Bosch, Cisco, Flextronics, Foxconn, Nokia, LG, Panasonic, Intel, Wistron, and Sterlite Technologies are scheduled to attend the meeting.

Over the last few years, there has been a visible ramp up of smartphone production in India, as new mobile factories mushroomed across the country to cater to the data-hungry smartphone users.

The size of mobile phone manufacturing was 29 crore units and Rs 1,70,000 crore in value terms during 2018-19. India now hopes to put the building blocks for the next trajectory of growth. It is also fine-tuning a fresh cluster scheme (bigger and better than the last one) that would woo anchor manufacturing units with supply chain ecosystem and ancillary firms.

Following Monday’s deliberation, various incentives and schemes in the pipeline, will be given finishing touches. These schemes are expected to be operationalised in the coming months.

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 USD 190 billion (about Rs 13 lakh crore) by 2025, of which 600 million units worth USD 110 billion (about Rs 7 lakh crore) will be exported.

THE SNAPSHOTS

Sign up to get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

Football: Real Madrid beat CF Pachuca 3-1 in Group H clash

Jude Bellingham and Arda Guler scored late in the first half to help 10-man Real Madrid secure a 3-1 victory over CF Pachuca in...

IAEA expresses ‘serious concern’ after US strikes on Iran

In response to U.S. airstrikes on Iranian nuclear facilities, the head of the International Atomic Energy Agency (IAEA) has called an emergency meeting in Vienna. IAEA Director General Rafael Grossi expressed serious concern over the likely damage inflicted on Iran’s underground Fordow uranium enrichment plant,...

Iran pledges decisive action after US airstrikes on nuclear sites

An emergency meeting of the International Atomic Energy Agency (IAEA) was convened in Vienna...

GW Casino Review & FAQ: Real Talk for Aussie Punters

With the avalanche of cookie-cutter online casinos hitting Aussie screens, most punters have seen...

Pichai Family Foundation to Sell 4,000 Alphabet Shares Worth $708K

The Pichai Family Foundation filed a notice with the U.S. Securities and Exchange Commission...

Sundar Pichai Sales Alphabet Stock Worth $5.6 Million

Alphabet Inc. (NASDAQ: GOOGL) CEO Sundar Pichai filed a notice with the U.S. Securities...

Iran May Exit Nuclear Treaty Under New Bill

Iranian parliamentarians are drafting a bill that could pave the way for the country...

NSE India, Cyprus Stock Exchange Sign MoU for Dual Listings, Financial Innovation

India’s National Stock Exchange (NSE) and the Cyprus Stock Exchange signed a memorandum of...

Finding the Right Custom Home Builder in Bay City: Reviews & Recommendations

Building a new home is one of life’s most exciting milestones—but it also comes with big decisions. One of the most crucial is choosing...

Mark Zuckerberg Sells $21 Mn in Meta Shares, Files to Offload $9 Mn More

Meta Platforms (NASDAQ: META) CEO Mark Zuckerberg has filed to sell another $9.7 million...

Khair and Tunu Wood Seized in Major Operation by Jammu Forest Department

Acting on specific intelligence, the Forest Department team in Tehsil Bhalwal intercepted and seized...

London-Ahmedabad Plane Crash: Air India to Operate Relief Flights

Air India is operating two relief flights for the next of kin of passengers...

Congo: Over 29 dead as floods, landslides hit Kinshasa

At least 29 people died in Kinshasa after heavy rains over the weekend triggered...

Sharp Bettors vs Recreational Bettors: What Sets Them Apart?

In the U.S. alone, over $120 billion was legally wagered on sports in 2023, and analysts estimate that offshore and crypto sportsbooks handled an...

Security Forces Deploy Facial Recognition Tech on Pahalgam Route to Secure Shri Amarnath Yatra

Jammu and Kashmir: In a first-of-its-kind move, security forces have installed advanced facial recognition technology along the Pahalgam route ahead of the annual Shri Amarnath Ji Yatra. The cutting-edge system is designed to swiftly identify blacklisted individuals, including potential terror suspects, among the influx...

Air India Plane Crash: Over 60 victims identified via DNA

Days after Air India’s Ahmedabad-to-London flight crashed with 242 passengers and crew on board,...

What You Need to Consider When Starting an HVAC Company

Entering the HVAC industry is a significant business decision that comes with both challenges...

ISRO Schedules June 19 for Ax-4 Mission Launch Carrying Indian Astronaut to ISS

The Indian Space Research Organisation (ISRO) on Saturday announced that the Ax-4 mission to...

India Distances Itself from SCO Stance on Israel’s Attack On Iran, Calls for Dialogue

India has opted out of a recent Shanghai Cooperation Organisation (SCO) statement that strongly...

Los Angeles Protests: President Trump Deploys 700 Marines, 200 to Secure Federal Building

As nationwide protests against the Trump administration are expected to unfold across the U.S....

Manipur: Security Forces Seize 328 Guns, 9,300 Rounds in Joint Raids

In a major crackdown, security forces recovered a large cache of arms and ammunition...

Meta’s Chief Legal Officer Offloads $363,219 in Shares Under Pre-Arranged Plan

Meta Platforms Inc.’s Chief Legal Officer Jennifer Newstead sold 519 shares of the company’s...

Alphabet Shareholders Reject All 13 Proposals, Re-elect Entire Board

Alphabet Inc. (NASDAQ: GOOGL) shareholders rejected all 13 investor proposals at the company’s annual...

Sri Lanka To Raise Electricity Tariff By 15 Percent

Sri Lanka will increase electricity tariffs by 15% starting June 12, the Public Utilities...

London-Ahmedabad Plane Crash: Air India to Operate Relief Flights

Air India is operating two relief flights for the next of kin of passengers...

Cybersecurity Theater: Why Companies Still Fall for the Illusion of Control

The world now experiences daily security breaches on evening news while ransomware groups operate...

India’s Tier 2 & 3 Cities: The New Battleground for Smart Delivery

India’s economic narrative is undergoing a profound transformation, shifting its gaze from the bustling...

ICG Transfers Distressed MV Wan Hai 503 to Tug Offshore Warrior in Kochi

In a key maritime operation, the Indian Coast Guard (ICG) successfully transferred the tow...

Civil Aviation Ministry: High-Level Panel to Probe Air India Flight Crash

The Ministry of Civil Aviation has constituted a high-level multi-disciplinary committee to investigate the...

Congo: Over 29 dead as floods, landslides hit Kinshasa

At least 29 people died in Kinshasa after heavy rains over the weekend triggered...

Alphabet Shareholders Reject All 13 Proposals, Re-elect Entire Board

Alphabet Inc. (NASDAQ: GOOGL) shareholders rejected all 13 investor proposals at the company’s annual...

BGC Director Arthur Mbanefo Sells Shares Worth Over $295k Amid Company Buyback

Arthur U. Mbanefo, a board member at BGC Group Inc., sold a total of...

Sri Lanka To Raise Electricity Tariff By 15 Percent

Sri Lanka will increase electricity tariffs by 15% starting June 12, the Public Utilities...