India's Vision for Inclusive Growth at the World Economic Forum

Introduction

At the World Economic Forum in Davos, Ashwini Vaishnaw, India's Union Minister of Information and Broadcasting, Railways, Electronics, and IT, shared India's vision for inclusive development and its impressive growth story.

Balanced Economic Growth

The minister emphasized India's balanced approach to economic growth, highlighting the importance of both manufacturing and services. He stated, "It cannot be manufacturing or services; it has to be manufacturing and services."

Make in India, Make for the World

India has shifted from import substitution to a "Make in India, Make for the World" strategy. With 99% of mobile phones used domestically now made in India, the focus is on export-led growth in sectors like pharmaceuticals, chemicals, and garments.

Artificial Intelligence and Skilling

Vaishnaw highlighted India's potential to lead in AI services, aiming to become the "use case capital" of the world. The government plans to equip 1 million people with AI skills and has initiatives like setting up 5G labs and providing EDA tools in universities.

Semiconductor Industry and Global Trust

India is rising in the semiconductor sector, with global companies attracted by India's trust, talent, and design capabilities. The minister credited India's leadership for creating an environment of global trust.

Conclusion

With nearly 2,000 Global Capability Centers working on advanced designs, India is set to be a major player in global manufacturing.