Indo-US Task Force Aims to Boost Electronics Trade to $100 Billion by 2033: In a remarkable endeavor to strengthen trade relations between India and the United States within the electronics sector, the Indian Cellular & Electronics Association (ICEA) has established a dedicated task force. This endeavour follows collaborative efforts launched following Prime Minister Narendra Modi’s official visit to the United States last month, with the goal of increasing the current $8 billion Indo-US electronics trade to an ambitious $100 billion within the next decade.
Daily Current Affairs Quiz: September 2023
ICEA’s Vision:
- Ambitious Trade Target: ICEA Chairman Pankaj Mohindroo emphasized that achieving this monumental goal would significantly bolster India’s aspirations to become a global hub for innovation and manufacturing in the electronics sector.
- Comprehensive Representation: ICEA, serving as the apex industry body, represents the entire electronics ecosystem in India, including components, subassemblies, EMS (Electronic Manufacturing Services), and finished goods across various Electronic System Design and Manufacturing (ESDM) verticals, such as mobile phones, consumer electronics, and IT hardware.
The Role of Critical and Emerging Technology (iCET):
The establishment of the Critical and Emerging Technology (iCET) is a pivotal component of this initiative. It will promote collaboration in fields such as artificial intelligence, quantum computing, space exploration, semiconductors, and defence technology.
Policy and Regulation Adaptations: Facilitating Technology Exchange:
The Indo-US partnership encompasses policy and regulatory adaptations aimed at encouraging greater technology sharing, co-development, and co-production opportunities between the two countries’ industries.
Long-Term Impact:
These policy adjustments are anticipated to have a long-term and sustained impact on India’s technology ecosystem, creating an environment conducive to innovation and collaboration.
Prospects for Job Creation and Business Opportunities: Economic Benefits:
Mohindroo highlighted the partnership’s potential to usher in a new era of innovation and collaboration between India and the US. While lead firms in global value chains will play a pivotal role, the partnership is also expected to create new job opportunities and avenues for Indian businesses and startups, contributing to economic growth and technological advancement.