Why in News?
NITI Aayog is set to release a report titled “Electronics: Powering India’s Participation in Global Value Chains” on July 18, 2024.
This report is in the news as it is expected to provide a comprehensive roadmap for India’s electronics sector to become a significant player in global value chains, aligning with the government’s vision of “Viksit Bharat” (Developed India).
What is the Report About?
The report is the outcome of an extensive analysis of India’s electronics sector, including its opportunities, challenges, and potential for growth. It highlights the need for India to enhance its participation in Global Value Chains (GVCs), which account for approximately 70% of international trade.
The report also identifies key areas for improvement, such as manufacturing capabilities, innovation, and trade facilitation.
Significance
The report is significant as the manufacturing sector is crucial for India’s journey towards becoming Viksit Bharat. The electronics sector has a high potential for participation in GVCs, and the report aims to accelerate the “Make-in-India” initiative by engaging in GVCs.
The report’s recommendations are expected to guide policy decisions, fostering the growth of the electronics industry and contributing to India’s economic development.
The release of this report is a timely step towards realizing India’s aspirations in the global electronics market.