India’s Pharmaceutical And Electronics Industries Develop Significantly In 2023: MeitY

The noteworthy accomplishments of India in the electronics and semiconductor sectors in 2023 were emphasized by Shri S Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY). He was upbeat about the India Semiconductor Mission’s success, highlighting the increasing investments in the pipeline and the expected significant advancements.
The IT hardware and phone Production Linked Incentive (PLI) programs were acknowledged as effective endeavors that aided in the expansion of the electronics sector.
Secretary Krishnan praised the passing of the Data Protection and Privacy (DPDP) Act and emphasized the significance of striking a balance between privacy concerns and the need for innovation. He emphasized India’s advantageous position in the field of new and developing technologies, like artificial intelligence, and noted that the rules for the DPDP Act are anticipated to be issued in the upcoming weeks.
Secretary Krishnan also urged stakeholders to “watch this space,” alluding to the semiconductor industry’s rapid growth. He disclosed that the DPDP regulations, which demonstrate the government’s dedication to creating an atmosphere that is supportive of both privacy and innovation, are almost complete.
Arunish Chawla, Secretary of Pharmaceuticals, revealed details of the strong performance of the Indian pharmaceutical sector in a related development. Chawla emphasized the country’s shift to an export-driven pharmaceutical industry, positioning it as the third largest globally.
While issues in the PLI scheme for bulk medications were addressed with smart shortlisting, which led to the successful commencement of production of 33 bulk drugs out of the 40 selected, the plan for formulations exceeded all expectations by 100%.
Chawla also provided insight into the developments in the medical technology industry, pointing out that 136 products are scheduled for production in India. Prominent multinational corporations like Siemens and GE are actively involved in the nation’s high-tech medical product manufacture.
Secretary Chawla emphasized the need for diversification in traditional pharma, predicting a sector makeover by 2030 and acknowledging the significance of global supply networks. In order to stay competitive on the international scene, he pushed the sector to investigate new markets and product lines.
Secretary Krishnan emphasized the importance of producing not only for India but for the entire world, reiterating the global nature of value chains. He stressed the necessity of raising India’s value addition from the existing 10-15% to 30-35% and the significance of keeping an eye on the “China + 1” plan.
In order to draw businesses, Krishnan advocated for coordinated efforts between the federal and state governments, complimenting Telangana and Karnataka for their achievements in luring supply chains to India.
These developments, which place India as a major participant in the global technical and pharmaceutical scene, herald a revolutionary phase for the country’s electronics, semiconductor, and pharmaceutical sectors as the year draws to a close.