Heading Toward A USD 1 Trillion Digital Economy

As we bid adieu to 2018, it is time to look ahead and plan the path forward. India is en-route a digital transformation, which cuts across industries and businesses. The country has the potential to unlock a trillion dollar digital economy by 2022. Clearly, in order to unleash this digital potential, the industry, the government and all other stakeholders will need to come together and launch initiatives speedily and decisively and play a critical role in investment and innovation.

Electronics manufacturing, one of the nine pillars to transform the country into a digitally empowered society, can deliver only once India becomes a big hub of electronics manufacturing to serve domestic as well as outside markets. The National Policy on Electronics, expected to be approved by the Cabinet shortly shall be key for achieving this. Aimed at encouraging industry-led research and development and innovation in all sub-sectors of electronics, the policy plans to create a comprehensive startup ecosystem in new age technologies such as 5G, IoT, artificial intelligence, and machine learning, along with their applications in areas such as defence, agriculture, health, smart cities, and automation, with a special focus on solving real-life problems. It focuses on raising domestic manufacturing, strengthening India’s linkages with global trade, building a risk-management ecosystem and investor friendly schemes, ensuring effective protection from dumping of electronics goods, and improving research & development.

Creating an eco-system for a globally competitive ESDM sector, developing and mandating standards, ease-of-doing-business, industry-led research & development and innovation, human resource development, export promotion, cyber security, mega projects which are extremely high-tech and entail huge investments, preferential market access, developing core competencies in the sub-sectors of electronics, and promotion of other aspects of electronics industry together are the foundation stone for the success of the policy.

The Ministry of Electronics and Information Technology by 2025, expects the electronics sector to touch USD 400 billion, from USD 100 billion currently. Reinforcing the objective of boosting the manufacturing sector of India with increased output in terms of electronic products, we wish our readers a Merry Christmas and a Happy New Year!

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