India's Industrial Growth Hindered by Past Policies, Says Vaishnaw
India wasted 'lost decades' due to license-permit raj: Vaishnaw
Image: Asianet Newsable
Union Electronics and IT Minister Ashwini Vaishnaw criticized India's past economic policies, stating that restrictive regulations from 1950 to 1990 hindered growth. He highlighted the Modi government's efforts to revitalize the industrial sector, particularly in electronics, projecting a consistent growth rate of 6-8% in the coming years.
- 01India wasted four decades from 1950 to 1990 due to restrictive economic policies, according to Union Minister Ashwini Vaishnaw.
- 02The Modi government has revitalized the industrial sector, with electronics exports projected to be the third-largest category by 2025.
- 03India's electronics production has increased sixfold in the last decade, creating 2.5 million jobs in the sector.
- 04Investment in railways has surged from ₹35,000 crore to ₹2,72,000 crore since 2014 under Prime Minister Modi's leadership.
- 05Vaishnaw projects a consistent economic growth rate of 6-8% in the coming years, attracting global investor interest.
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Union Electronics and IT Minister Ashwini Vaishnaw stated that India 'wasted four decades' from 1950 to 1990 due to the restrictive 'license-permit raj' that stifled entrepreneurship. He noted that while other ASEAN countries advanced their manufacturing capabilities, India lagged behind. Vaishnaw acknowledged the liberalization that began in 1990 but criticized the subsequent loss of momentum during the Congress-led UPA government from 2004 to 2014. He emphasized that the Modi government has revitalized the industrial landscape, particularly through the 'Make in India' initiative, which has seen electronics exports rise significantly, with mobile phones becoming a leading export item. He projected a consistent growth rate of 6-8% for the Indian economy and highlighted increased investments in railways, which have risen dramatically since 2014. Vaishnaw expressed optimism about India's manufacturing future, citing trust from international partners as a key factor in attracting investment.
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The revitalization of India's industrial sector is expected to create millions of jobs and boost economic growth, benefiting local economies and communities.
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