Digital India, Digital Society and A Knowledge Economy
MUMBAI, FEB 15′
Ravishankar Prasad , Communications and Information Technology Minister on Monday said “the ‘Digital India’ initiative will transform the country into a digital society and a knowledge economy.”
India has the potential to become an electronic manufacturing hub as the demand for electronic hardware is expected to rise rapidly to $400 billion by 2020,
He also said, “The central government has taken many initiatives to promote electronics hardware manufacturing and its policy on the same has received an encourage response”.
With a view to make India a manufacturing hub for mobile handsets, Prasad said the differential excise duty dispensation will promote indigenous manufacture of mobile phones.
“The government is targeting to achieve net zero imports of electronics by 2020 by creating a level playing field and providing an enabling environment,” Prasad said.
He said electronics has immense strategic importance even in defence and security applications besides delivering essential services.
Inviting global firms to invest in India’s electronics manufacturing sector, he pointed out that a robust policy system was in place in the country to enable this.
Later, Prasad also launched the Electronics Development Fund (EDF), formulated as a ‘Fund of Funds’ to participate in ‘Daughter Funds’ which will provide risk capital to companies new technologies in electronics, nano-electronics and IT.
The EDF is housed by CANBANK Venture Capital Fund, and the ‘Daughter Funds’ will promote innovation, research and development and product development within India in specified fields of electronics, nano-electronics and IT.
Developing domestic design capabilities will be the core focus as it will also support acquisition of foreign companies and technologies for products imported in India in large volumes.
Intellectual property in the country will be enriched by the EDF and it will also encourage more entrepreneurs towards product and technology development.