Mobile phone exports from India will grow more than fivefold to $50–60 billion in the coming time from about $11 billion last year, Union IT and Communications Minister Ashwini Vaishnaw said on Wednesday.
While speaking at a fintech event, the minister said employment in the electronics manufacturing sector will increase from about 10 lakh at present to 25 lakh in the coming days. He said that 10 years ago, India imported 98 per cent of mobile phones, and at present, 99 per cent of the devices are made in India.
"Mobile phones worth $11 billion were exported last year. In the coming days, you will see exports to the tune of $50–60 billion. 10 lakh people work in electronics manufacturing. In the coming days, 25 lakh people will work in electronics manufacturing," Vaishnaw said while sharing a presentation on India's growth story.
The minister said that India will become the third-largest economy by 2027, while it was ranked 11th in 2014. A report published by Jefferies Equity Research last month said that India would become the third-largest economy by 2027 and was expected to achieve a market capitalization of $10 trillion by 2030.
The minister said that the government added 5200 kilometers of railway line last year, which is equivalent to the size of the entire Switzerland railway network. "Already 4,972 kilometres have been completed. The entire month of March is left. We will add 5500 kilometres (railway lines) this year," Vaishnaw said. He said airports in the country have doubled in the last 10 years.
"We have increased IITs 10 times, AIIMS have been doubled, and universities have increased three times. Imagine economic muscle power when we are the third largest. Our own supercomputing chip, our own semiconductor fab, AI models," Vaishnaw said. He said the regime under Prime Minister Narendra Modi focussed on women-led growth and people on the last rung of society, which has brought 25 crore people out of poverty.
"There is no state in India with extreme poverty," Vaishnaw said. The minister said that India's medal tally in international sports has also increased significantly because of transparency and facilitating world-class training for athletes with honesty.
