New Delhi, May 31 (IANS) A combination of push and pull factors like minimum professional charges, low manufacturing costs together with a huge population and vast geographical area can work in favour of India and help it become the global hub for the electrical and electronics manufacturing sector, P.P. Chaudhary, Minister of State for Electronics and IT, said here on Wednesday.
“Two push and pull factors are working in favour of India and the complete ecosystem has been generated, the pull factor is looking at the 1.25 billion population and the vast area, as such every company intends to invest in this country,” said Chaudhary while inaugurating an Assocham conference on Electricals & Electronics Manufacturing.
“The push factor is that all across the globe, while per hour professional and engineering charges come to more than $3.5 but in India it is less than even $1,” he said.
“So this is a place where these two factors, pull and push can work in favour of India and above all, the overall cost for creating the manufacturing hub here is much less than in other parts of the world,” said Chaudhary.
He also stressed upon the need for India to promote research and development to stay ahead and keep abreast of technology in this digital age.
“There is a need for developing a commercially viable research ecosystem funded by the government, industry and academia to promote the next wave of electronic technology in the country and innovations in our journey to becoming a developed nation,” said Chaudhary.
He said considering that demand for electronic hardware in India is projected to increase from $45 billion in 2009 to $400 billion by 2020 it offers a huge opportunity for making investments and attaining huge growth in the electronics manufacturing sector.