Lucknow/New Delhi: Pitching Uttar Pradesh as a potential base for Japanese investment in electronics and semiconductors, Union IT and electronics minister Ashwini Vaishnaw on Wednesday highlighted India’s rapid expansion in the sector, saying electronics exports had surged to $48 billion, with smartphones now the country’s top export item.Addressing the UP-Japan Investment Meet, Vaishnaw said, “India’s electronics manufacturing sector had grown at a CAGR of more than 17%, creating significant opportunities for Japanese companies. Three manufacturing plants are already exporting smartphones to Japan, while another 12 plants are at various stages of development.”Highlighting India’s emerging semiconductor ecosystem, he said two major semiconductor projects had already been approved and Japanese companies were showing interest in the sector. India is also developing chip-design capabilities for advanced two-nanometre technology, he said.“Invest in India, invest in Uttar Pradesh,” Vaishnaw told the Japanese delegation, pointing to electronics, semiconductors, railways, defence and agriculture as sectors offering substantial opportunities.He said India’s sustained 6-8% growth with controlled inflation was being supported by investment in infrastructure, inclusive development, manufacturing and innovation, and regulatory simplification.Vaishnaw said govt had removed more than 1,600 outdated laws and around 42,000 compliances to ease doing business, adding that India’s expanding infrastructure and sound public finances would support sustained growth and create new opportunities for investors.
