Policy continuity to spur growth as Vaishnaw retains MeitY, says industry

The technology industry on Tuesday expressed optimism with Union Minister Ashwini Vaishnaw retaining the Electronics and IT Ministry, saying it is expecting continuity in policy making and governance approach to drive growth and investor confidence.

Vaishnaw took charge as the Minister of Electronics and IT, Railways, and Information and Broadcasting on Tuesday morning.

IT industry stalwart Ajai Chowdhry said the next five years will be critical in shaping the future of electronics product design and manufacturing in India.

"If we want to be a Product Nation and compete directly with China to cater to the global electronics market, the country will need to put forth its best minds who understand business. This is a time for taking collaborative action that can potentially redefine India and the way the world looks at us as a manufacturing hub," he said.

The industry looks forward to engaging closely with Minister Vaishnaw and the newly appointed Minister of State to "script a new story for a developed India", Chowdhry added.
 

"Industry is extremely satisfied with the Hon'ble PM's decision to continue key portfolios with existing ministers. The 'continuity' in policy making, governance approach and key priorities across the Finance, Commerce, Meity and environment ministry are critical to investor confidence and growth," ICEA Chairman Pankaj Mohindroo said.

He said that the industry is geared up for the five-year sprint till 2030 on the way to transforming India into a global hub for electronics manufacturing and Viksit Bharat (developed India).

Industry body IESA chairman V Veerappan lauded Vaishnaw for his important role in boosting semiconductor and electronics manufacturing.

He said the minister's continuation will help in increasing support to the sector, and MoS Jitin Prasada's new perspectives will contribute to economic growth and job creation.

"IESA is looking forward to working closely with MeitY in realising the PM's vision of a Viksit Bharat and accelerating India's journey towards becoming a global leader in semiconductors and electronics," he noted.

Taking charge of the Ministry of Electronics and Information Technology (MietY), Vaishnaw said the government would build on the past momentum and leverage the power of technology and digital solutions to improve the lives of people.