- India has been pursuing a policy of import substitution
- The mobile devices will be the largest export segment, almost accounting for 1/3rd of the manufacturing sector
- Effort is ongoing to make India USD 5 trillion economy by 2024
Niti Aayog CEO Amitabh Kant on Thursday said India was pursuing a policy of import substitution so far, and in future, the country’s policy will essentially focus on export-led growth.
At a recent industry gathering, Kant said India has huge potential to become a global manufacturing hub for electronics products. He further stated that so far, India has been pursuing a policy of import substitution but going forward the policy will essentially become export promotion centric.
The National Policy for Electronics 2019 has already identified exports of electronics from India to the world. Kant believes that the mobile devices will be the largest segment, almost accounting for 1/3rd of the manufacturing sector.
He further mentioned that the government has constituted a committee which includes the Niti Aayog CEO, the finance secretary, DIPP secretary and secretary MeitY. Kant emphasised that the government remains committed to creating a very conducive environment for manufacturing electronics products in India.
He also highlighted that effort is ongoing to make India USD 5 trillion economy by 2024 which will eventually give a great export orientation to the sector.