Growth Opportunities For MSMEs In Electronics Component Manufacturing: IT Secretary

ENA MSME 2024-07-11 13:58:09 New Delhi, Jul 11 (KNN) IT Secretary S Krishnan on Wednesday highlighted the substantial opportunities for Micro, Small, and Medium Enterprises (MSMEs) in India's electronics component manufacturing sector. Speaking at the CII MSME Growth Summit, Krishnan emphasised the Ministry of Electronics and IT's (Meity) efforts to bolster the electronics components ecosystem in the country. Krishnan urged MSMEs to embrace technological advancements and digital tools to expand their operations and evolve into larger enterprises. He stressed the importance of India's aspirations in electronics manufacturing for employment, economic resilience, and export growth. There is a huge requirement for components, and that component requirement is where I think MSMEs have a huge role to play, Krishnan stated, underscoring both the opportunity for success and the national need for their participation. The IT Secretary highlighted India's progress in mobile manufacturing, noting that the country now produces 330 million mobile units annually, a significant increase from a decade ago when it manufactured only 50 million units and imported 210 million. However, Krishnan pointed out that while domestically manufactured mobile phones now meet almost all of India's consumption needs, the value addition is only about 18-20 per cent. He set a goal to double this figure to 35-40 per cent in the next five years, emphasising the critical role of MSMEs in achieving this target. Krishnan also discussed the importance of Industry 4.0 and Artificial Intelligence for MSMEs, encouraging the adoption of these technologies to enhance competitiveness. He mentioned various initiatives and programs run by the IT Ministry that can be leveraged by MSMEs for technological integration. The IT Secretary suggested that 'retrofitting' existing manufacturing facilities with the latest digital technologies could be a cost-effective way for MSMEs to benefit from the AI revolution and improve productivity. In conclusion, Krishnan emphasised the relevance of technology and digitisation for the MSME sector, particularly in areas such as facilitating faster credit appraisals and enhancing marketing efforts. (KNN Bureau) 38554 https://knnindia.co.in/news/newsdetails/msme/growth-opportunities-for-msmes-in-electronics-component-manufacturing-it-secretary 2024-07-11 13:58:09 knnindia.co.in Growth Opportunities For MSMEs In Electronics Component Manufacturing: IT Secretary