Business Economy India News

Tech industry hails Modi 3.0

As per ICEA data, the domestic market is expected to grow from $65 billion to $180 billion over the next 5 years, making electronics among India’s 2-3 top-ranking exports by 2026…reports Asian Lite News

As Narendra Modi is set to take oath as Prime Minister on Sunday, the tech industry hailed his record third term, saying that this continuity will promise stability, consistency and effectiveness in governance, taking the country closer to ‘Vision India@2047’.

Congratulating PM Modi on winning the Lok Sabha elections for the third time, Agendra Kumar, Managing Director, Esri India told IANS, with the new government “we can expect the use of satellite imaging, GIS, GeoAI and digital twins to support the developmental initiatives of the government for both, urban and rural economies”.

“Technological progress and innovation have been key areas of focus for PM Modi,” he added.

India Cellular and Electronics Association.( source:Ianstwitter)

Paritosh Prajapati, CEO of telecom gear maker GX Group, said that under PM Modi’s leadership India has witnessed major reforms in the last couple of years and the continuation of the new government will set those reforms into action.

Manufacturing has been a major sector where the automobile, electronics, and pharmaceutical sectors have been growing extremely fast.

“India as a stage now, we see a huge impact in the coming year and the ministry will drive it forward for new transformation and bring prosperity in every sector and every person in the country creating new opportunities, new jobs and new goals,” Prajapati said.

In addition, Ritesh Malik, founder of Innov8 and a serial investor, said that in the last 10 years, the country has witnessed significant growth.

“In the next five years, our ecosystem, ease of doing business, Startup India, Make in India Mission, will keep on growing the economy of the country,” Malik added.

India is poised to become a large-scale global electronics manufacturing destination in years to come under the visionary leadership of Prime Minister Narendra Modi, Pankaj Mohindroo, Chairman, India Cellular and Electronics Association (ICEA), said on Sunday.

According to Mohindroo, the remarkable growth in mobile phone manufacturing which has reached 50 billion over the last decade, has laid the foundation for a robust growth in overall electronics.

“We will now as a nation have to accelerate in all sectors, not only in mobile manufacturing but also in IT hardware, laptops, desktops, servers, consumer electronics, auto electronics and all other verticals of electronics for India to become a global manufacturing destination for electronics,” Mohindroo told IANS.

In a recent report, ICEA mentioned that as India aims to reach $300 billion in electronics production by FY26, it will trigger demand for semiconductors worth $90-$100 billion, largely driven by domestic mobile manufacturing.

Mohindroo further mentioned that the country needs a very passionate leadership as it has had in the last 10 years to catalyse “India towards a very large scale global electronic manufacturing destination, which is a quadruple growth of 400 per cent as we have had in the last 10 years”.

As per ICEA data, the domestic market is expected to grow from $65 billion to $180 billion over the next 5 years, making electronics among India’s 2-3 top-ranking exports by 2026.

Of the $300 billion, exports are expected to increase from the projected $15 billion in 2021-22 to $120 billion by 2026.

ALSO READ: Recovery Signs Emerge for Paytm

Leave a Reply

Your email address will not be published. Required fields are marked *