India's mobile phone exports are projected to skyrocket, reaching a substantial USD 50-60 billion compared to last year's USD 11 billion, announced Union IT and Communications Minister, Ashwini Vaishnaw, during a fintech event on Wednesday.
Vaishnaw emphasized a significant surge in employment within the electronics manufacturing sector, expected to rise from the current 10 lakh to 25 lakh in the foreseeable future. He highlighted India's remarkable journey, transforming from importing 98% of mobile phones a decade ago to now producing 99% domestically.
"Last year witnessed mobile phone exports of USD 11 billion. We anticipate this figure to soar to USD 50-60 billion in the near future. Currently, 10 lakh individuals are employed in electronics manufacturing, a number set to rise to 25 lakh," Vaishnaw stated while presenting India's growth narrative. He forecasted India's ascent to the third-largest economy by 2027, compared to its 11th ranking in 2014.
A recent report by Jefferies Equity Research corroborated India's economic trajectory, foreseeing it as the third-largest economy by 2027 and projecting a market capitalization of USD 10 trillion by 2030. Vaishnaw underscored India's substantial infrastructural advancements, noting the addition of 5200 kilometers of railway lines last year, equivalent to Switzerland's entire railway network. "With 4972 kilometers already completed, and March still ahead, we aim to add 5500 kilometers this year," he added.
Highlighting India's remarkable infrastructural progress, Vaishnaw pointed out the doubling of airports over the past decade. He contrasted the negative global discourse surrounding India in 2013 with its current status as a top-five economy, lauding India's emergence as a global growth engine.
Vaishnaw showcased a video featuring Congress leader P. Chidambaram questioning the government's digital payments strategy, emphasizing the transformative changes post-2014 across various sectors. He outlined the exponential growth in educational institutions like IITs and AIIMS, alongside initiatives focused on women-led growth and poverty alleviation.
"Our focus on inclusive growth has uplifted 25 crore people from poverty. Today, there's no state in India with extreme poverty," Vaishnaw remarked, highlighting India's improved performance in international sports due to transparent policies and enhanced training facilities for athletes.
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