Electronics and IT Minister Ashwini Vaishnaw outlined India’s strategic focus on economic development, blending manufacturing and services, during his address at the World Economic Forum (WEF) 2025. Speaking to global leaders and industry heads, the minister stressed the need for a balanced approach to drive sustainable growth.
“It cannot be manufacturing or services; it has to be both,” Vaishnaw emphasized, noting that these sectors are vital for India’s economic trajectory. He elaborated on India’s transformation from a focus on import substitution to a broader vision of “Make in India, Make for the World.”
Highlighting achievements, the minister pointed out that 99% of mobile phones used domestically are now manufactured in India. The nation’s growth strategy has shifted toward export-led advancements in sectors like pharmaceuticals, chemicals, and garments.
Vaishnaw also spotlighted India’s growing prominence in the semiconductor and artificial intelligence (AI) industries. “India is on track to become one of the top three global destinations for semiconductors,” he stated, reflecting confidence in the country’s capabilities.
Explaining why global companies are increasingly shifting operations to India, the minister cited the nation’s unique combination of trust, abundant talent, and exceptional design capabilities. He attributed this success to the leadership of Prime Minister Narendra Modi, who has fostered an environment of global trust and attracted companies to move not just supply chains but also value chains to India.
India’s 2,000+ Global Capability Centers (GCCs) are working on advanced designs, positioning the country as a major player in global manufacturing. Vaishnaw also highlighted AI’s transformative role in the services sector, predicting it will drive innovation and create numerous opportunities for industries worldwide.
“India has the potential to lead the world in AI services, just as it has excelled in IT services,” he said, urging a focus on developing innovative applications for global industries.
To prepare the workforce for emerging technologies, the government has launched skilling initiatives, aiming to train one million people in AI tools and applications. Similar programs include establishing 5G labs in 100 universities and providing advanced semiconductor design tools in 240 institutions to align education with industry needs.
