Despite global turbulence, economic fundamentals strong: Ravi Shankar Prasad

Pitching India as an attractive destination for electronics manufacturing, Union Minister of Electronics and Information Technology Ravi Shankar Prasad on Monday stated that the fundamentals of the Indian economy remain strong amidst global and political turbulence.

He was delivering the keynote address at the CEOs round-table at an event 'Towards a Global Electronics Hub' here.

"In spite of all the turbulence we are witnessing globally, the fundamentals of the Indian economy are very strong. Whether it is fiscal deficit, inflation, FDI or Forex reserves, all point towards robustness of our economy," Prasad said.

He stated that the government's policy interventions have made India an investor-friendly place and pointed out the government's tax reforms and the country's improved ranking in Logistics Performance Index and Ease of Doing Business Index.

"We have the credentials, we have the credibility and we have got a determined leadership which has commented in unmistakable terms that India must become a global hub of electronics manufacturing," Prasad said.

Prasad further stated that the electronics industry can look towards India's extraordinary demographic dividend, a seasoned knowledge economy system and most importantly, political stability in the country.

"In the current turbulent political and economic times, India is an ocean of political stability. We have a democratic government, corruption-free government and a reform-oriented government which is led by a visionary leader having global respect," he said.

Discussing electronics manufacturing in India, Prasad said that India's share has grown in the global electronics manufacturing in the last seven years.

He also announced the government's vision to become a hub of strategic electronics and medical electronics in the future.

The Union minister also indicated towards institutionalisation of a task force to enhance the interface between the government and the market.