Mobile Exports To Reach $50-60 Billion, Electronics Sector To Employ 25 Lakh: Union Minister Ashwini Vaishnaw

New Delhi, Mar 7 (KNN) Mobile phone exports from India are expected to increase by over five times, reaching a staggering USD 50-60 billion in the near future, up from approximately USD 11 billion last year, predicted Union IT and Communications Minister Ashwini Vaishnaw.

During a fintech event on Wednesday, Vaishnaw highlighted the significant growth anticipated in employment within the electronics manufacturing sector, with numbers expected to surge from the current 10 lakh to 25 lakh.

Vaishnaw emphasised the remarkable transformation in India's mobile phone manufacturing landscape, noting that a decade ago, the country imported 98 per cent of its mobile phones, whereas now, 99 per cent of devices are manufactured domestically. He shared these insights while presenting India's growth story.

Looking ahead, Vaishnaw projected India's ascent to become the third-largest economy by 2027, a substantial leap from its 11th position in 2014.

Citing a report by Jefferies Equity Research, he highlighted India's anticipated market capitalisation of USD 10 trillion by 2030.

Vaishnaw expressed pride in India's economic resilience, highlighting its transformation from being viewed as a fragile economy to emerging as a top-five global player, driving steady growth.

The minister underscored the impressive infrastructural developments witnessed in India, including substantial additions to railways, highways, and airports.

He mentioned the addition of 5,200 kilometers of railway lines in the past year, equivalent to the entire railway network of Switzerland, with plans to add another 5,500 kilometers this year. Additionally, he noted the doubling of airports in the country over the last decade.

(KNN Bureau)