India has been competing hard to be at the forefront of the electronics and information technology industries. That dream may come true, as forecast by India’s Minister of State, E&IT Rajeev Chandrasekhar at the U.S.-India Business Council (USIBC)’s India Ideas Summit 2022.
During a panel discussion at the Taj Palace Hotel in New Delhi, Chandrasekhar shared his thoughts on the 75-year-old relationship between the US and India.
“Our ambition is to build a USD 300bn electronics manufacturing industry in India by 2025-26,” said Chandrasekhar, “Electronics manufacturing, currently at USD 75 bn, will form an important component of the USD 1 trillion Indian economies. India's manufacturing capabilities have strengthened during the COVID-19 landscape, making us a preferred partner in supply chains worldwide. "
He added that the country’s approach is focused on expanding its innovation ecosystem and that the internet and technology are going to be big enablers in the continued expansion of India’s economy.
He emphasised that the comprehensive approach will enable a new legislative framework that addresses the digital space and acts as a catalyst for the Indian economy by enabling more innovation. More startups and at the same time, protect the citizens of India in terms of safety and trust and accountability.
He also talked about the Digital Data Protection Law and how the government is approaching the parliament with a comprehensive framework of laws to address data protection concerns. “We have the National Data Governance Framework Policy which addresses the non-personalised data and anonymous data, among others." We will have new rules, regulations and laws rolled out in the next 3-4 months and this will be done with consideration to all the involved stakeholders and countries. Our focus is to build good legislation, rules and frameworks and to build an enabling ecosystem that will ensure India’s success in the coming decade. "
The summit was organised by the U.S. Chamber of Commerce, which saw senior ministers, policymakers, influential commentators, and business leaders from India and the US deliberate and debate, strengthening business relations between both nations.
Commenting on the gathering, Ambassador (ret.), Atul Keshap, USIBC President said, “We are now at a moment when geostrategic and geoeconomic convergence will shape much of the near future. This demands that the US and India embrace a closer economic partnership and deliver the goods for their people. I am delighted that we have put the pandemic behind us and can focus on driving the strategic narrative between India and the US. This augurs well for both nations.”