According to Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology and Skill Development and Entrepreneurship, about 66 per cent of the foreign direct investment (FDI) in electronics and manufacturing has happened over the last three years. He added that in the next six to seven years, India would be a $1 trillion digital economy.
Speaking at Invest Karnataka 2022 – Global Investors Meet, Chandrasekhar noted that in 2014, over 92 per cent of all mobile phones used in the country were imported, but today over 97 per cent are made in India. Despite the deep disruption caused by the pandemic, India is the fastest-growing major economy in the world and has received the highest FDI in the world. India has also demonstrated the highest-ever exports in its history.
Further, the minister said that the opportunities in the technology ecosystem have moved systematically from technology services to startup innovation ecosystems and electronics and semiconductor manufacturing. These opportunities have also moved to areas such as artificial intelligence, Web 3.0, and 5G mobile network.