Govt focused on developing semiconductor industry, assures Goyal
The auto component industry has become a pride of the nation exporting US$20 billion of goods with an aspiration target of US$100 billion by 2030, alongside the textile sector’s ambitious to increase its exports from $44 billion to $100 billion.
Stating this at a trade conclave, Minister of Commerce and Industry Piyush Goyal pointed out that the projected earnings from manufacturing exports https://fieo.org/ that the government expects in the coming years will also help boost the economy.
The Minister https://commerce.gov.in/ highlighted that India is one of the preferred destinations both for investment and as a sourcing hub to cater to the world demand.
He further said that the aspirational India is a big demand aggregator and also acts as a booster for the manufacturing industry.
India is a leader in the electrical manufacturing space and will double its manufacturing capacities in the construction sector, he said at the ‘Viksit Bharat@ 2047 Conclave’ organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) https://ficci.in/api/home in New Delhi on 27 Feb 2024.
The consumption of fast-moving goods and electronic products have seen a rapid increase giving a leg up to the electronic manufacturing industry, he elaborated.
India has become an important player in the renewable energy manufacturing sector.
The government, he added, has set its focus to develop a semiconductor https://www.semiconductors.org/semiconductors-101/what-is-a-semiconductor/ industry and is also looking to promote ship building and tourism industry in the country providing impetus to increase in goods manufacturing in the country.
He went on to highlight that India has an important role to play in global value chains https://www.worldstopexports.com/worlds-top-export-countries/ that provides a fillip to add to the manufacturing investments and capacities of the nation.
He further added that due to its high quality and affordable production, India has the potential to serve the needs of the world.
Goyal urged the gathering to contribute to the holistic and comprehensive vision of expanding the domestic manufacturing footprint in the world and make India a Viksit Bharat by 2047.
He urged them to become a ‘Viksit Bharat’ ambassador by engaging with the local industries and contributing to the end-to-end value chain.
The Minister said that the thrust of increased foreign investments coupled with the nation’s contribution of a 3D vision of democracy, demography and demand, India’s economy is on fast track. Fiinews.com
