Davos, Jan 24 Electronics and IT Minister Ashwini Vaishnaw on Friday highlighted India’s balanced approach to economic development with both manufacturing and services driving the nation’s growth in his speech at the World Economic Forum.
Addressing global leaders and captains of industry here, the minister said: "It cannot be manufacturing or services; it has to be manufacturing and services as both these sectors are integral to India’s economic trajectory."
He emphasised India's transformation from focusing solely on import substitution to adopting a “Make in India, Make for the World” approach.
With 99 per cent of mobile phones used domestically now manufactured in India, the growth strategy has shifted towards export-led growth across sectors such as pharmaceuticals, chemicals, and garments, he said.
Vaishnaw highlighted India’s ascent in the semiconductor and AI sectors, stating that “most semiconductor industry leaders believe today that India will soon join the top three destinations for semiconductors".
Emphasising why global companies are increasingly gravitating towards India, the Union Minister highlighted the nation’s “unique advantage” rooted in trust, abundant talent, and exceptional design capabilities.
He credited the leadership of Prime Minister Narendra Modi for creating an environment of global trust, attracting companies to shift not just supply chains but also value chains to India.
"With nearly 2,000 Global Capability Centers (GCCs) working on advanced designs, India is poised to be a major player in global manufacturing," he remarked.
With artificial intelligence (AI) in the services sector poised to play a prominent role in shaping India's future, driving innovation and creating opportunities, the Union Minister also highlighted the need for laying special emphasis on training the talent pool in AI.
He emphasised India's potential to become the "use case capital" of the world, creating innovative applications for industries globally. He noted that while AI models are becoming increasingly commoditised, the focus should shift to developing use cases, applications, and solutions that cater to global industries.
"Experts believe that India has the potential to lead the world in AI services, just as it has successfully done in the IT services sector," the minister remarked, underlining India's capability to shape the future of AI on a global scale.
Vaishnaw underscored the government's focus on skilling to prepare India's workforce for emerging technologies, particularly in artificial intelligence (AI).
"We have set an ambitious target to equip at least 1 million people with AI tools and skills, enabling them to create use cases and applications that the world needs," the minister stated.
He highlighted similar large-scale initiatives in other sectors, such as setting up 5G labs in 100 universities to prepare students for the telecom industry and providing advanced EDA tools in 240 universities to train students in semiconductor design.
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