India is the world’s fastest-growing innovation ecosystem: Rajeev Chandrashekar

The country currently has 102 unicorns

November 7, 2022

The government has taken various measures to create a “New India”

92% of all mobile phones that people used in India in 2014 were imported

97% of the mobiles used in the country today are manufactured domestically

India’s tax collection surpassed the targets by over 10% in FY22

With 102 unicorns, India is currently the fastest-growing innovation ecosystem in the world, according to Rajeev Chandrashekar, the Minister of State (MoS) for Electronics and Information Technology. 

At the ‘Vishwa Sadhhavna’ event in Dubai, the minister spoke of the various initiatives taken by the government, that are helping the country transform into a “New India”.  These include creating businesses, employment,  and revenues to support those initiatives. 

According to the minister, 92% of all mobile phones that people used in India in 2014 were imported. However, 97% of them used in the country today are manufactured domestically. He further added that total exports of mobile phones alone reached INR 70,000 crores. 

Lastly, Chandrashekar said that the country’s tax collection surpassed the targets by over 10% in FY22 for the first time.

Implication


With several initiatives such as Product Linked Schemes (PLI) and Designed Linked Schemes (DLI), the government is making progress in helping India achieve the status of a ‘global manufacturing hub’. 


Source: Business Standard

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