Railway Minister Ashwini Vaishnaw said on Tuesday that the 2023 budget allocation to India’s railways was historic and would fundamentally transform the productivity of India’s economy.
The minister was speaking at the CII Partnership Summit 2023 organized by the Confederation of Indian Industry (CII) and the Department for Promotion of Industry and Internal Trade (DPIIT) of the Department of Trade and Industry.
“The cost of rail logistics in the country would be reduced by the increased allocation. The government is focused on increasing capacity at the bottlenecks and increasing rolling stock on average. Most importantly, the focus is on changing the passenger experience by building new stations at completely new scales and redesigning the trains,” he added.
The minister stressed that the high-speed train is a project that fundamentally changes the operating model.
“Resolving the project execution, construction quality, design uptake and challenges we faced ensures that India will produce a world-class design in a timely manner,” he said.
On the manufacturing side, the minister said, “Today, electronics manufacturing as an industry in the country is worth nearly $87 billion. The government has taken three important initiatives, namely creating the ecosystem, establishing a clear policy framework and focusing on the development of the semiconductor industry. India will declare the first fab in the coming weeks, the minister announced. With the work being done by industry and government today, India will have a vibrant semiconductor industry in the coming 3-4 years.”
On the front lines of the global digital divide, Vaishnaw emphasized that globally 4 elements are major contributors to the current digital divide, namely affordability, accessibility, availability and knowledge.
He said: “As the telecom sector is the gateway to the digital world, there is a need to ensure that the telecom sector is stable, healthy and competitive.”
Rajiv Memeni, Chair of the CII National Committee on Taxation and Chair of the India Region and Emerging Markets Committee of EY India, said: “Digital innovation in India is not only fueling economic growth, but also giving it a significant competitive advantage.” Source: ANI