Innovations will protect our children’s future: IT Minister Palanivel Thiagarajan

CHENNAI: IT Minister Palanivel Thiagarajan, on Wednesday, noted that component manufacturers were key to national ambition and that it was necessary to protect “our children’s future” through innovations.

Speaking at the 14th Southern India Electronics Supply Chain Summit held at the Chennai Trade Centre, he also emphasised the significance of the electronics sector in the country's growth.

The minister also stressed that the country must become self-reliant and keep up with cutting-edge technology to enhance its competitiveness.

Highlighting the crucial role of component manufacturers in achieving national ambition, he stated, “We need to make India an electronic exporting country. If we become a net exporting country, that in itself will become our political strength.”

Stating that vitality is high in the country’s electronic sector, the minister said India is one of the largest exporters of electronic items. He said that more priority should be given to the manufacturing of electronic products and this summit would channel it.

The summit has brought together over 150 exhibitors, industry leaders, and about 4,000 delegates and visitors to advance India's electronics supply chain and drive sustained growth. With consistent support from the State’s Ministry of Industries, Source India has evolved into a robust platform connecting businesses across the Electronics System Design and Manufacturing (ESDM) ecosystem, since 2009.

This year's focus is on “Enhancing the Electronics Supply Chain: Catalysing Value Addition for a Resilient Electronics Sector,” featuring participation from overseas companies. India's electronics industry has witnessed remarkable growth, with output rising from $ 37 billion in FY 2015-16 to over $115 billion in FY 2023-24. Exports have surged to approximately $ 29 billion in FY 2023-24, creating nearly 20 lakh jobs.

However, India still constitutes a limited 4% share of the global electronics market. To become globally competitive, India must localise high-tech component manufacturing, enhance research and development capabilities, and form strategic partnerships with global technology leaders.