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Published 22:56 IST, February 1st 2025

Union Budget 2025: Ashwini Vaishnaw Outlines Vision for India's Growth in Exclusive Interview

The budget, as per his insights, is a blueprint for transforming India into a technologically advanced and economically robust nation.

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Ashwini Vaishnaw
Minister Ashwini Vaishnaw. | Image: PTI

In an insightful discussion on the Union Budget 2025, Ashwini Vaishnaw, India's Minister of Electronics and Information Technology, shared his perspective on how the budget aligns with the nation's developmental goals. Speaking to Republic's Editor in Chief, Arnab Goswami, Vaishnaw underscored the strategic thought process behind the budget's structuring, emphasizing a clear vision for a developed India, or "Viksit Bharat."

Vaishnaw highlighted the budget’s focus on providing significant relief to the middle class, stating, "Relief for middle class is quite big." He further elaborated on the reforms aimed at various sectors, “Reforms for manufacturing, labour, farmers are also considered.”

Focused on Semiconductor mission, says Vaishnaw

The minister was keen to point out that the budget reflects Prime Minister Narendra Modi's economic philosophy, particularly in initiatives like Startup India, the AI Mission, and the Semiconductor Mission. "Since the day PM started Startup India program from that day we have been focused on AI Mission, Semiconductor Mission," Vaishnaw explained, adding that these efforts are poised to give India a competitive advantage on the global stage.

Acknowledging past challenges, Vaishnaw noted, "The constraint was computing capacity," but reassured that steps have been taken to address this, "Our mission was to bring in world-class computing facility. We have compute capacity which is really good, our academicians, students everyone will come up with new ideas."

Here is what you need to know

The Semiconductor Mission is pivotal for India for several strategic, economic, and technological reasons:

1. Reducing Import Dependency:

India currently imports a significant portion of its semiconductor needs, making it vulnerable to global supply chain disruptions. By developing its semiconductor industry, India aims to reduce this dependency, particularly on countries like China, which dominate the supply chain. This aligns with the vision of "Atmanirbhar Bharat" or self-reliant India.

2. Economic Growth and Employment:

The semiconductor industry is capital-intensive but also labor-intensive, promising not only direct employment in manufacturing but also in research, design, and ancillary services. The establishment of semiconductor facilities can lead to job creation across various skill levels, from high-tech jobs in design and engineering to support roles in manufacturing and logistics.

3. Technological Sovereignty:

Semiconductors are fundamental to almost all modern technologies, including smartphones, automobiles, medical devices, and defense systems. By fostering a domestic semiconductor ecosystem, India can achieve greater control over its technological development, reducing reliance on foreign technology and securing its supply of critical components for national security and strategic interests.

4. Boosting Innovation and R&D:

An indigenous semiconductor industry would drive innovation by encouraging local research and development in semiconductor technology. This could position India as a hub for chip design, given its already established base of semiconductor design engineers. The mission includes incentives for both manufacturing and design, aiming to create an ecosystem that supports tech startups and established companies alike

Vaishnaw stresses the importance of manufacturing 

The minister also spoke about the comprehensive manufacturing mission, which is under the Commerce Ministry's scrutiny. "The mission of manufacturing has been announced and it is comprehensive and is being looked at by Commerce Ministry," he said, predicting a surge in job creation, "There will be a lot of job creation through it. I think it has to be manufacturing jobs and services jobs."

Vaishnaw's comments reflect a holistic approach to India's economic strategy, aiming not just for growth but for sustainable, inclusive development across various sectors. The budget, as per his insights, is a blueprint for transforming India into a technologically advanced and economically robust nation.

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Updated 22:56 IST, February 1st 2025