Government Working on New Electronics Policy, Eyes $1 Trillion in Digital Business

Reports claim that the Cabinet is preparing a new electronics manufacturing policy. The Indian government plans to shift gears with an aim to boost India’s digital economy to $1 trillion over the coming years.

Prime Minister Narendra Modi’s government understands the ambitiousness of that particular figure. And is trying to turn it into reality by boosting indigenous manufacturing of electronic and IT goods.  The new electronics policy is also expected to encourage exports of electronics equipment and components.

IT Minister Ravi Shankar Prasad told the press that the ministry is also planning to provide benefits to blooming startups in order to boost India’s digital economy, which currently stands at a valuation of $280 million.

“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 also shared that the government has been working closely with key industry associations like Nasscom, Internet and Mobile Association of India, and the Indian Cellular Association to devise the new policy. Talking about numbers, the minister said that the government expects a turnover of around $400 billion from manufacturing electronic products and components.

India is one of the biggest consumers of electronic items, but only a quarter of that is produced domestically. While the government has been doing their bit to boost domestic manufacture of electronic goods, it remains to be seen if the new electronics policy will help them in achieving their ambitious target.