Mobile exports to grow to $50-60 billion, says IT Minister Vaishnaw
India will grow more than five-fold to $50-60 billion in the coming time from about $11 billion last year, IT and Communications Minister Ashwini Vaishnaw said on Wednesday.
While speaking at a fintech event, the minister said employment in the electronics manufacturing sector will increase from about 10 lakh at present to 25 lakh in the coming days.
He said that 10 years ago India imported 98% of mobile phones and at present 99% of the devices are made in India.
"(Mobile phones worth) $11 billion were exported last year. In the coming days, you will see exports to the tune of $50-60 billion. 10 lakh people work in electronics manufacturing. In the coming days, 25 lakh people will work in electronics manufacturing," Vaishnaw said while sharing a presentation on India's growth story.
He said India will become the third largest economy by 2027 while it was ranked 11th in 2014.
A report published by Jefferies Equity Research last month said that India would become the third-largest economy by 2027 and expected to achieve a market capitalisation of $10 trillion by 2030. He said that when the country is in 5th spot in terms of economy it has created huge infrastructure in terms of railways, highways, airports etc.
The minister said that the government added 5200 kilometres of railway line last year which is equivalent to the size of the entire Switzerland railway network. «Already 4,972 km have been completed. The entire month of March is left. We will add 5500 km (railway lines) this year,» Vaishnaw said. He said
