A new electronics manufacturing policy is on the anvil and work is also on for rolling out an upgraded software products architecture as the government lays down measures to boost India’s digital economy to $1 trillion over the coming years.
The ambitious transition includes a deeper focus on boosting manufacturing within the country, while also laying down measures to push and encourage electronics and digital exports in a large way, IT Minister Ravi Shankar Prasad told TOI after holding a high-level meeting with CEOs and top representatives of the industry.
Prasad said that while the government expects a big bulk – roughly $400 billion – from manufacturing of electronic products such as mobile phones and other components, around $350 billion is expected to come from software and allied services. The rest will be from telecom and telecom services.
The government has been giving incentives to boost the manufacturing of electronics in the country, and the Minister said that the efforts will be there to have a strong focus on exports.
The minister said that initiatives such as Digital India and policy benefits are given to start-ups will also aid the growth of the digital sector which is currently estimated to account for a turnover of $280 billion.
“The new policy will focus majorly on new-age digital applications in the field of data analysis, artificial intelligence, internet-of-things, virtual reality, healthcare, augmented reality and robotics,” the minister said.
Prasad held the meeting with representatives from sectors such as IT and financial services, electronics, healthcare, agriculture, education, skills and logistics. Apart from the industry representatives, senior officials from ministries such as telecom, human resources, defence production, commerce and skill development also participated in the meeting.
The government is also taking the views of key industry associations such as Nasscom, Internet and Mobile Association of India, and the Indian Cellular Association while working on the new policy.
The government wants to widen the scope of the initiative and will hold meetings with IT ministers from various states to get their suggestions on the matter. “We expect to have formal suggestions, including sectoral views, by the middle of next month.”