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Policy to focus on export-led growth: Kant

Business Finance

Press Trust of India  |  New Delhi 

Niti Aayog CEO Amitabh Kant on Thursday said India was pursuing a policy of import substitution so far, and in future the country's policy will essentially focus on export-led growth.

Speaking at an event organised by IAMAI, Kant said India has huge potential to become a global manufacturing hub for electronics products.

"So far, we have been pursuing a policy of import substitution, our policy will essentially become export promotion-led (growth)," he said.

The National Policy for Electronics 2019 has already identified exports of electronics from India to the world, Kant said, adding that mobile devices will be the largest segment, almost accounting for 1/3rd of manufacturing sector.

"So, the government has constituted a committee which includes the Niti Aayog CEO, the finance secretary, DIPP secretary, secretary MEITY.

"We are all working together to see, how we can do large scale manufacturing, how to make India very integral part of the global supply chain," he said.

Kant emphasised that the government remains committed to creating a very conducive environment for manufacturing electronics products in India.

"We will try and push this huge impetus to growth in the context of the Prime Minister's vision to make India USD 5 trillion economy by 2024 and we will give it the great export orientation to the sector," the Niti Aayog CEO said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, July 25 2019. 20:22 IST