New Delhi: The IT and electronics industry in June welcomed Union Minister Ashwini Vaishnaw and Minister of State Jitin Prasada assuming charge of their ministries, saying it will accelerate India’s journey towards becoming a global leader in semiconductors and electronics.

Vaishnaw assumed charge as Minister of Railways, Minister of Information and Broadcasting, and Minister of Electronics and IT, while Prasada took charge as Minister of State for Commerce and Industry, and Electronics and IT.

“We congratulate Ashwini Vaishnaw who has retained his portfolio as Minister of Electronics and IT and the newly-appointed MoS Prasada. Minister Vaishnaw’s continuity will pave the way in ensuring a step up of support to the sector and MoS Prasada’s fresh perspectives will add to the sector’s contribution to economic growth and job creation,” said Dr V. Veerappan, Chairman, the India Electronics and Semiconductor Association (IESA).

Veerappan said the IESA is looking forward to working closely with MeitY to realise Prime Minister Narendra Modi’s vision of ‘Viksit Bharat’.

Dr Ajai Chowdhry, Co-Founder HCL, Chairman, EPIC Foundation, and Chairman, Mission Governing Board, National Quantum, said the re-appointment of Vaishnaw as Union Minister of Electronics and IT will help the industry to continue in its mission to make the country a global hub for electronics product design and manufacturing.

“An architect for the semiconductor manufacturing movement of the country, Minister Vaishnaw has played an instrumental role in creating a well-oiled ecosystem enabling exports of electronics from India,” he added.

Further, the induction of MoS Prasada is only expected to bolster the industry. “With an immense wealth of knowledge and experience having been on several government committees including IT and Communications, I am sure he will be able to offer a fresh perspective and direction to foster growth for the sector,” Chowdhry added.

The next five years will play a decisive role in shaping the next few decades for electronics product design and manufacturing in the country. This is a time for taking collaborative action that can potentially redefine India and the way the world looks at us as a manufacturing hub, the industry experts noted.

India aims to reach $300 billion in electronics production by FY26. Of the $300 billion, exports are expected to increase from the projected $15 billion in 2021-22 to $120 billion by 2026.