India's Vision for Inclusive Growth: A Global Perspective at Davos

Union Minister Ashwini Vaishnaw represented India's inclusive growth vision at the World Economic Forum, highlighting balanced economic growth driven by both manufacturing and services. Emphasizing India's role in AI and semiconductor sectors, he discussed training initiatives and the nation's appeal to global companies in terms of talent and trust.

Addressing international leaders and industry giants, India's Union Minister for Information and Broadcasting, Railways, Electronics, and IT, Ashwini Vaishnaw, articulated the country's vision for inclusive development during the World Economic Forum in Davos. He illustrated India's balanced approach to economic growth, propelled by both manufacturing and services sectors.

Minister Vaishnaw argued for the synergy between manufacturing and services, describing both as essential pillars for India's sustainable growth. He discussed India's evolution from focusing solely on import substitution to adopting a "Make in India, Make for the World" philosophy.

The Minister pointed out the remarkable progress of India's domestic manufacturing, particularly in the mobile phone sector, with 99 percent now produced locally. He outlined a shift towards export-driven growth in pharmaceuticals, chemicals, and garments. Furthermore, Vaishnaw discussed the growing role of artificial intelligence in shaping India's services sector, stressing the importance of AI training for innovation and job creation.

Highlighting India's potential to become the global "use case capital" for AI, Vaishnaw noted the emphasis on developing innovative global solutions. He remarked on India's successful track record in IT services, projecting a similar leadership in AI.

The Minister detailed government initiatives aimed at equipping India's workforce with AI skills, targeting 1 million people. Large-scale measures include establishing 5G labs and providing advanced educational tools to align training with industry needs, significantly impacting sectors like semiconductors.

Vaishnaw highlighted India's appeal to global companies, citing its "unique advantage" of trust, skilled talent, and design capabilities. He credited strong leadership for fostering an environment that attracts multinational companies to pivot supply and value chains toward India.

With nearly 2,000 Global Capability Centers focusing on cutting-edge designs, Vaishnaw projected India's eminent role in global manufacturing as a major player.

(With inputs from agencies.)