Revitalizing India's Industrial Landscape: Minister Vaishnaw's Vision for Sustainable Growth

Union Electronics and IT Minister Ashwini Vaishnaw criticized India's lost decades (1950-1990) of manufacturing growth. He credited post-2014 reforms under PM Modi for revitalizing the sector, emphasizing trust and Make in India. Electronics exports witnessed significant growth, highlighting a shift towards a consistent growth model.

In a candid interview with ANI, Union Electronics and IT Minister Ashwini Vaishnaw attributed India's sluggish manufacturing growth from 1950 to 1990 to the stringent 'license-permit raj' and inadequate policy frameworks, a stark contrast to the accelerated growth seen in several ASEAN countries during the same period.

Minister Vaishnaw highlighted the landmark economic liberalization of 1990 but lamented the loss of momentum between 2004 and 2014. However, with the advent of the Modi government in 2014, India has been on a path to rejuvenate its industrial landscape, focusing on robust labor systems, swift approvals, and banking reforms.

Vaishnaw praised the success of the Make in India initiative, noting that electronics emerged as the third-largest export category by 2025. The minister expressed confidence in India’s consistent growth rate of 6-8%, crediting it to policy shifts that foster trust, drawing increased global investments.