The export of mobile phones from India is poised to undergo a substantial surge, projected to soar to USD 50-60 billion from its previous level of approximately USD 11 billion last year, as highlighted by Union IT and Communications Minister Ashwini Vaishnaw. Speaking at a fintech event, Minister Vaishnaw emphasized that the electronics manufacturing sector's workforce is expected to swell from around 10 lakh presently to 25 lakh in the near future.
Reflecting on the evolution of India's mobile phone industry, Vaishnaw noted that a decade ago, India relied heavily on imports, whereas today, an impressive 99 per cent of mobile devices are manufactured domestically. "Last year witnessed exports worth USD 11 billion, but in the foreseeable future, we anticipate a remarkable surge to USD 50-60 billion," Vaishnaw remarked during a presentation outlining India's growth trajectory.
Furthermore, he projected India to ascend to the third-largest economy globally by 2027, a significant leap from its 11th position in 2014. This outlook is corroborated by a report from Jefferies Equity Research, which also predicts India achieving a market capitalization of USD 10 trillion by 2030.
Vaishnaw also highlighted India's remarkable infrastructure development, citing the addition of 5,200 kilometers of railway lines in the previous year alone, equivalent to Switzerland's entire railway network. He added that the country's airport capacity has doubled over the past decade.
The minister underscored the transformative progress India has made, shifting from negative perceptions to being recognized as a top performer in global economic discussions. He juxtaposed the criticisms of past administrations with the achievements since 2014, including robust GDP growth, increased forex reserves, and heightened foreign investment.
Additionally, Vaishnaw emphasized the government's focus on inclusive growth, particularly empowering women and uplifting marginalized communities, resulting in the elevation of 25 crore people out of poverty. He also credited enhanced transparency and improved facilities for athletes for India's rising medal tally in international sports events.
In summary, Minister Vaishnaw portrayed a vision of India's burgeoning economic prowess and transformative developmental strides, underlining the nation's emergence as a global growth engine.
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