‘India to be a USD 300 billion electronics manufacturing industry’
The U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC)’s India Ideas Summit 2022 saw Rajeev Chandrasekhar, India’s Minister of State for Electronics and IT participate in a panel discussion on data governance and advanced manufacturing.
“Our ambition is to build a USD 300 billion electronics manufacturing industry in India by 2025-26. Electronics manufacturing, currently at USD 75 billion, will form an important component of the USD 1 trillion economy in India. India’s manufacturing capabilities have really strengthened during COVID-19 landscape making us a preferred partner in the supply chains across the world,” said Mr. Chandrasekhar.
Established in 1975 at the behest of the U.S. and Indian Governments, the U.S.-India Business Council (USIBC) represents hundreds of top global companies operating across the United States, India, and the Indo-Pacific. Amid dynamic growth within the U.S.-India commercial partnership, it serves as the premier voice of the industry and creates connections between businesses and governments across both countries.
“Our approach is focused on expanding India’s innovation ecosystem and the internet and technology are going to be big enablers in the continued expansion of our economy. We also have a comprehensive approach and will enact a new legislative framework that addresses the digital space and acts as a catalyst for the Indian economy by enabling more innovation, more start-ups and at the same time also protecting the citizens of India in terms of safety and trust and accountability,” said Mr. Chandrasekhar. “On the data protection side, we have approached the parliament with a comprehensive framework of laws which includes the Digital Data Protection Law which will address the data protection concerns of the digital economy,” he added.
Recognising that U.S.-India trade is increasingly driven by new business hubs, USIBC is also focused on strengthening connections between cities and states. USIBC’s policy expertise and impact are enhanced by being a part of the U.S. Chamber of Commerce, whose thousands of member companies represent the power of free enterprise to enhance the peace, freedom, and security of people in America and around the world.
“We are now at a moment when geostrategic and geo-economic convergence will shape much of the near future. This demands that the US and India embrace a closer economic partnership and literally deliver the goods for their people,” said Ambassador (ret.), Atul Keshap, USIBC President. “I am delighted that we have put the pandemic behind us and are able to focus on driving the strategic narrative between India and the US,” he added.
Earlier in the day, Gautam Adani, Founder & Chairman, Adani Group was recognised with the USIBC Global Leadership Award 2022.