Digital-Physical Infrastructure Blend Crucial for India's Economic Ascent to Third Largest by 2030
In a significant address at Trichy, S Krishnan, Secretary of the Union Ministry of Electronics and Information Technology, underscored the imperative of combining robust digital and physical infrastructure with comprehensive skilling initiatives. He asserted that this strategic fusion is essential for India to realize its ambitious goal of becoming the world's third-largest economy by the year 2030.
Projected Growth of Digital Economy and Electronics Sector
Delivering the prestigious Nani Palkhivala Memorial Lecture at SASTRA University on Saturday, Krishnan highlighted the remarkable expansion trajectory of India's digital economy. Citing a detailed study by ICRIER, he revealed that the digital economy is projected to surge from constituting 12% of the nation's GDP in the fiscal year 2021-22 to an impressive 20% by the end of this decade.
Krishnan further elaborated on the stellar performance of the electronics manufacturing sector. He attributed a sharp increase in exports to a dedicated focus on electronics component manufacturing, with figures nearing a substantial $40 billion for the financial year 2024-25. "The combined potential of the electronics manufacturing and IT/ITeS sectors is monumental," Krishnan stated, projecting that these industries together have the capacity to reach a staggering $1 trillion valuation by 2030.
SASTRA University Inaugurates Advanced Tech Facilities and Forges Industry Partnerships
During the same event, Secretary Krishnan inaugurated state-of-the-art facilities at SASTRA University, designed to bolster technological education and research. These advanced centers encompass critical areas including electronics manufacturing, firmware development, e-mobility, and sophisticated semiconductor testing and packaging.
In a move to bridge the gap between academia and industry, SASTRA University formalized strategic collaborations by signing Memoranda of Understanding (MoUs) with two leading industry players: Tata Electronics and Caliber Interconnects. These partnerships are established to deliver specialized capacity-building programs focused on electronics and semiconductor manufacturing. Additionally, the agreements will facilitate industry-focused internships, providing students with invaluable hands-on experience and preparing a skilled workforce to meet the burgeoning demands of the tech sector.
The initiatives and insights shared at the lecture underscore a clear roadmap for India's economic and technological advancement, emphasizing that a synergistic approach integrating infrastructure development and human capital skilling is non-negotiable for achieving global economic leadership.
