India’s Electronics and Pharma sectors experience remarkable growth in 2023 : MeitY
NEW DELHI : The Secretary of the Ministry of Electronics and Information Technology (MeitY), Shri S Krishnan, highlighted the significant achievements of India in the electronics and semiconductor sectors during 2023. He expressed optimism about the progress of the India Semiconductor Mission, emphasising increased investments in the pipeline and the anticipation of substantial developments.
The Production Linked Incentive (PLI) schemes for phones and IT hardware were recognised as successful initiatives, contributing to the growth of the electronics industry.
Secretary Krishnan underscored the importance of balancing privacy concerns with the need for innovation, applauding the passage of the Data Protection and Privacy (DPDP) Act. He mentioned that the rules for the DPDP Act are expected to be announced in the coming weeks, emphasising India’s favorable positioning in the field of new and emerging technologies such as Artificial Intelligence.
Furthermore, Secretary Krishnan hinted at swift developments in the semiconductor industry, urging stakeholders to “watch this space.” He revealed that the DPDP rules are close to finalisation, reflecting the government’s commitment to ensuring a conducive environment for both privacy and innovation.
In a parallel development, Arunish Chawla, Secretary of Pharmaceuticals, shared insights into the robust performance of India’s pharmaceutical industry. Chawla highlighted the nation’s transition to an export-oriented pharma sector, making it the third-largest in the world.
The PLI scheme for formulations exceeded all targets by 100%, while challenges in the scheme for bulk drugs were met with strategic shortlisting, resulting in the successful production start of 33 bulk drugs out of the selected 40.
Chawla also shed light on the progress in the medical technology sector, noting that 136 products have been slated for manufacturing in India. Renowned global companies such as Siemens and GE are actively contributing to the production of high-tech medical products within the country.
Recognising the importance of global supply chains, Secretary Chawla emphasised the need for diversification in traditional pharma, foreseeing a sector makeover by 2030. He urged the industry to explore new areas and product lines to remain competitive on the global stage.
Secretary Krishnan reiterated the global nature of value chains, stressing the significance of producing not just for India but for the world. He emphasized the need to increase India’s value addition from the current 10-15% to 30-35%, underlining the importance of being alert to the “China + 1” strategy.
Krishnan called for collaborative efforts between the central and state governments to attract companies, praising states like Karnataka and Telangana for successfully attracting supply chains to India.
As the year comes to a close, these developments signal a transformative period for India’s electronics, semiconductor, and pharmaceutical sectors, positioning the country as a significant player in the global technological and pharmaceutical landscape.