
India's Vision of Inclusive Development at the World Economic Forum
At the World Economic Forum in Davos, Union Minister Ashwini Vaishnaw presented India's vision of inclusive development and its remarkable growth story. He highlighted the balanced approach taken by India, with both manufacturing and services driving the nation's development.
Vaishnaw emphasized the shift from import substitution to a "Make in India, Make for the World" approach. This has resulted in 99% of mobile phones used domestically now being manufactured in India, and a growth strategy focused on export-led growth across sectors like pharmaceuticals, chemicals, and garments.
The prominent role of artificial intelligence (AI) in the services sector was also highlighted. Vaishnaw emphasized India's potential to become the "use case capital" of the world, creating innovative applications for industries globally. He noted the need for training the talent pool in AI, with an ambitious target of equipping at least 1 million people with AI tools and skills.
Vaishnaw also shed light on India's ascent in the semiconductor and AI sectors. He stated that most semiconductor industry leaders believe India will soon join the top three destinations for semiconductors. He attributed this to India's unique advantages, including trust, abundant talent, and exceptional design capabilities.
The Union Minister credited India's leadership for creating an environment of global trust, attracting companies to shift not just supply chains but also value chains to India. With nearly 2,000 Global Capability Centers (GCCs) working on advanced designs, India is poised to be a major player in global manufacturing.