In today's world, technology drives economic progress and geopolitical stature, with influence dependent on creating cutting-edge products for domestic and international markets. It's time to transition from a service-based model for design & manufacturing to a product-based model. Electronics & Semiconductor (E&S) are the backbone of the economy, infrastructure, national security and strategic advancements must be prioritized as cornerstones of the nation's economic strategy.
Currently, Indian products account for less than 10% of the $200+ billion electronics and semiconductor consumption. Key reasons for this include joining ITA-1 before domestic firms were ready for global competition, along with large companies lacking a product mindset. Also, there was the government focus on manufacturing and limited venture funding, plus scarcity of business and product talent.
This story is from the December 30, 2024 edition of Financial Express Chandigarh.
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This story is from the December 30, 2024 edition of Financial Express Chandigarh.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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