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VAISHNAW FORESEES SURGE IN MOBILE EXPORTS AND JOBS, CALLS FOR ECONOMIC LAW REFORM
The Business Guardian
|March 08, 2024
UM highlighted India’s shift to a top-five global growth engine, attributing it to government efforts across sectors, lifting 25 crore people out of poverty and enhancing international sporting achievements
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Union Minister Ashwini Vaishnaw predicts a significant surge in mobile phone exports from India, forecasting a growth of more than five-fold to $50-60 billion from last year’s $11 billion. Speaking at a fintech event, Vaishnaw highlighted the potential rise in employment within the electronics manufacturing sector, from 10 lakh to 25 lakh workers. He emphasized India’s remarkable progress in reducing its dependency on imported mobile phones, indicating that 99% of devices are now manufactured domestically, compared to 98% imported a decade ago.
Furthermore, Vaishnaw outlined India’s economic trajectory, anticipating the nation to become the thirdlargest economy by 2027, a considerable leap from its 11th position in 2014. Citing a report by Jefferies Equity Research, he also projected India’s market capitalization to reach $10 trillion by 2030. Vaishnaw commended India’s infrastructure development, citing significant expansions in railways, highways, and airports, alongside the growth in railway lines and doubling of airports in the past decade.
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