India emerging as major manufacturing hub; MedTech showstopper

The Union Minister Ashwini Vaishnaw said, with the introduction of new schemes and preparing a framework in about a dozen different industrial sectors in the field of transport, power supply, logistic, digital connectivity and few other fields the country enabling to enhance exports upto the value of one lakh crore dollars by the year 2030 in the international market as such the country may become a hub for the manufacturing as well as exports in future, under this framework. According to the Union Industry Ministry in the country, under this policy a framework has been prepared to make available incentives to the industry entrepreneurs in the field of manufacturing auto components, automobiles, capital goods, chemical, electronics system design and manufacturing (ESDM), medical devices and leather footwear.

According to sources, the manufacturing sectors included in this regard as stated above our country is yet dependent on exports from other countries. Information reveals that more than 60% of medical devices are being imported and there is immediate focus to become self-sufficient in these products. Similar is the situation in case of chemicals, semiconductors units, quality footwears and in case of many other products likely to get a boost after having special focus in these sectors.

India is now the third largest exporter, especially in manufacture of mobile phones and therewith 99 per cent of electronic devices used in India are being made locally. India has emerged as a manufacturing major and is shaping itself towards export-driven growth with the country on-course to being the third largest economy over the next few years, Railways and IT Minister Ashwini Vaishnaw said while talking to media persons said that the thrust on manufacturing has generated nearly 1.70 – 1.80 crore new jobs in the country. He disclosed, the country has moved beyond assembling and is into precision manufacturing in categories like mobile camera lenses-case making, prefab units, among others. “ Today 99.2 percent of mobile phones used in India are made in India,” Vaishnaw said that the country is witnessing exports in categories like pharma, mobile phones, electrical machinery, toys, various types of equipment and so on. India Shipping News