India intends to invest ₹44,000 crores to become a global leader in electronics: Report
According to the report, the task team is expected to recommend allocating ₹44,000 crore between 2024 and 2030.
According to a report, the Ministry of Electronics and Information Technology (MeitY) has formed a task group with the objective of enhancing India’s competencies in electronic and semiconductor products. According to Business Standard, the task team is expected to recommend allocating ₹44,000 crore between 2024 and 2030. The objective is to assist local businesses in creating goods and building international brands.
Ajay K. Sood, the government’s top scientific advisor, is in charge of the taskforce, according to the report. The study suggests significant incentives, including ₹15,000 crore for electronic products (systems), ₹11,000 crore for semiconductor items, and ₹18,000 crore for programs including infrastructure, talent development, logistics, and technology acquisition.
According to the newspaper, the task team was formed in January and consists of well-known business leaders like Dixon Technologies MD Sunil Vachani and HCL founder and chairman Ajai Chowdhry.
Additionally, it seeks to streamline business processes for international corporations who design products in India. Additionally, it is expected to suggest methods for managing and utilizing standard essential patents (SEPs) to protect domestic enterprises. According to the study, in order to potentially develop the electronics sector to $3 trillion by 2047—with $1 trillion in targeted exports—the taskforce will also identify 30 vital electronic products and 40 types of chips that are critical for India’s demands.