look news india
To take the Indian economy to new heights on the global stage and realize the national resolve of ‘Developed India 2047’, the Central Government under the leadership of Prime Minister Narendra Modi has focused its special attention on 3 most important sectors – Manufacturing, Digital Ecosystem and Critical Technology, and Energy Security and Infrastructure. Prime Minister Modi himself has made it clear that India is no longer satisfied with merely becoming a fast-growing economy, but is taking aggressive steps towards achieving the dream of becoming the world’s third largest economic power as soon as possible. To accelerate the development of these key sectors, the Central Government has planned major changes at the ground level through policy reforms, PLI schemes and record budgetary allocations.
With the aim of making the country self-reliant, the first and biggest bet of the government is on manufacturing sector. Under the ‘Make in India’ and ‘Atmanirbhar Bharat’ campaigns, domestic production in sectors like electronics, defence, automobile, semiconductor and biopharma has been given unprecedented impetus in the country. According to the Prime Minister, India’s defense production has increased four times and mobile phone manufacturing has increased more than 35 times in the last decade. Additionally, the Budget plans to revive 200 traditional industrial clusters in the country and transform small and medium industries into ‘Champion SMEs’, which will not only strengthen local manufacturing but also create new employment opportunities for crores of youth.
The second major area on which the Central Government is laying maximum emphasis is modern digital infrastructure and cutting-edge technologies (Critical & Emerging Technologies). With the vision of making India not just a consumer of technology but also a producer, the National Critical Mineral Mission and Semiconductor Mission are being taken forward rapidly. Along with the start of semiconductor manufacturing units in the country, incentive schemes worth Rs 10,000 crore have been launched for Artificial Intelligence (AI), 5G expansion and ‘BioPharma Shakti’ for the biopharma sector. This digital ecosystem, built on the strength of digital payments and cheap data, has become a strong security shield and a new platform of growth for Indian youth, startups and tech entrepreneurs.
The third and strongest pillar is energy security and development of modern infrastructure. Keeping in mind the huge power needs of future technology, data centers and industries, the government has initiated ‘SHANTI Act’ for nuclear power and large-scale investment in clean energy alternatives like green hydrogen and solar power. Along with this, infrastructure projects like national highway network, high-speed rail corridors, new waterways and e-bus connectivity in cities are being implemented rapidly with a record capital expenditure (CapEx) of about Rs 11 lakh crore. The government clearly believes that strong infrastructure and uninterrupted energy supply is the most sustainable way to make India a developed nation.