DAVOS, Jan 24: Senior Union Minister Ashwini Vaishnaw emphasized the significance of ‘trust and talent’ as essential drivers for global companies eyeing India. He mentioned that existing corporations are aiming to expand, while numerous newcomers are eager to establish their presence in the country.
The Minister for Railways, Information and Broadcasting, and Electronics and Information Technology noted increasing interest from new semiconductor players, with his ministry focused on developing new chipsets designed and fabricated in India, catering to various sectors.
During the World Economic Forum Annual Meeting, Vaishnaw expressed that India is poised to take a leadership position in the field of artificial intelligence.
When asked what draws investors to India, he responded, “Various factors contribute. There was a period when evaluations were solely cost-based. However, the primary determinant today is trust, which holds great importance.”
“Under the leadership of Prime Minister Narendra Modi, our foreign and economic policies have set a benchmark globally, significantly enhancing the aspect of trust. The world acknowledges this trust and views India as a reliable partner,” he affirmed.
The minister also highlighted that talent is another crucial element.
“The caliber of talent we possess is unmatched by many nations. While costs may vary, such a remarkable talent pool is simply irreplaceable. Trust and talent are pivotal for global investors focused on India,” he elaborated.
Addressing the topic of Railways, he recounted spending the previous day in Zurich and other locations engaging with Swiss rail officials and exploring various plants.
“I gathered extensive briefings on Swiss practices for railway track maintenance, including the technologies they employ and their protocols, processes, and practices. I also inquired about their data maintenance strategies, and the tools they use for track maintenance, aiming to capture all fundamental details,” he stated.
“I firmly believe in learning and importing the best practices to India,” he added.
Regarding personal data protection regulations, Vaishnaw mentioned extensive consultations preceded the formulation of the law, garnering nearly 24,000 inputs; even now, final rules will be established following further consultations.
“From the responses received thus far, there are minimal concerns as the rules are commendable.
“We’ve had positive responses praising the provisions for digital implementation, voluntary commitments, credit penalties, and non-criminalized penalties, among others,” he stated.
“Organizations focused on child welfare have also given positive feedback. Technology companies noted that we are pioneering the concept of virtual tokens to determine usage types and data for regulatory means. Many countries merely impose age restrictions,” the minister remarked.
“I believe that limiting access is impractical; in India, we want everyone to harness the power of technology while ensuring necessary safeguards against its drawbacks,” he concluded.
On the semiconductor front, he revealed that the first made-in-India chip will debut this year, with significant progress in all five plants.
A semiconductor roundtable was conducted, featuring key industry leaders who exuded confidence, Vaishnaw shared.
“I recall skepticism surrounding the semiconductor program’s initiation in 2022, but today, there’s a palpable sense of confidence,” he noted.
When questioned about new players expressing interest, he replied, “Interest is widespread. Some are looking to establish chemical plants, others are in the process of identifying parent companies, and some market players are eager to delve into equipment manufacturing.”
The minister emphasized the strategic significance of semiconductors, paralleling them with steel and chemicals as foundational elements across industries.
“Cultivating this industry in India is imperative. We are preparing to launch additional major initiatives, targeting the production of 25 chipsets.
“Certain critical chips will be designed in India and their intellectual property rights will be retained in the country,” he affirmed.
Vaishnaw also engaged with several AI experts during the event.
“One of the roundtable speakers introduced a compelling term, T3, symbolizing India, China, and the US as frontrunners in technology. The speaker indicated that India is uniquely positioned to excel in AI, AI chips, and semiconductor design,” he added.
Apart from semiconductors, Vaishnaw reported investors expressing interest in various technology sub-sectors, including AI, electronics manufacturing, and GCCs, as well as manufacturing, training, aviation, food processing, tourism, and energy.
On expectations for the upcoming Union Budget, he anticipated it to be very favorable, suggesting that India would greatly benefit from the optimistic visions of both the Prime Minister and Finance Minister Nirmala Sitharaman. (PTI)
