China’s pivot from goods to global credit
For decades, the story of China’s rise was told through the movement of containers, ships loaded with electronics, machinery, and textiles leaving its ports for markets across the world.
Union Electronics and IT Minister Ashwini Vaishnaw on Saturday credited Prime Minister Narendra Modi’s visionary schemes for the rise of electronics manufacturing as one of India’s top sectors, noting that production has increased six times in the past 11 years, making it a 11.5 lakh crore industry.
Addressing a press conference at the BJP headquarters here, he said that the exports of electronic products have grown eight fold during this period and the sector now provides employment to over 25 lakh people.
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“In the last 11 years, electronics manufacturing has emerged as a very big sector in India. Electronics production has increased 6 times, exports have increased 8 times, and it has become an industry of Rs 11.5 lakh crore, providing jobs to 25 lakh people,” Vaishnaw told media persons.
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He also informed that India has now started manufacturing nearly every component required in electronic products.
“If we talk about a mobile phone, then every item of the phone — be it glass, cover, chip, printed circuit board (PCB) or camera module, has started being produced in the country,” the minister added.
The Union Minister further informed that a factory was recently inaugurated at Sohna in Haryana to manufacture smartphone batteries .
“The country needs 50 crore batteries, and 20 crore battery packs will be manufactured from a single factory,” he said.
Urging citizens to prefer country-made manufactured products, he said, “It is time for a self-reliant India in which everyone is adopting ‘Swadeshi’ with great enthusiasm.
All of you are also requested to increase the use of ‘Swadeshi’ products in your life,” Vaishnaw noted.
Lauding the recent GST reforms announced by his government, the Minister said that with GST reforms, PM Modi has provided great relief to middle-class families.
The minister said the prices will come down for various sorts of electronic devices like televisions, refrigerators, dishwashers, microwaves and power banks, which are household needs.
“From food to household items to everyday essentials, the tax burden on all items has been reduced,” the minister stated.
Talking about GST reforms, Vaishnaw said the Prime Minister has given a big gift to common citizens in the form of next-generation GST reforms.
He emphasised that the GST reform will provide a huge benefit to the country’s economic development.
“Our country’s GDP is Rs 330 lakh crore, to which consumption contributes nearly Rs 202 lakh crore. Following the GST reforms, if there is an increase of even 10 per cent, then consumption will increase by about Rs 20 lakh crore, meaning an additional GDP of Rs 20 lakh crore will come to the country, which is a significant increase in itself,” the minister added.
The increase in consumption will lead to an uptick in employment opportunities, the minister added.
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