India’s target to increase electronics manufacturing to Rs 24 lakh crore by 2025-2026 will help create more than 10 lakh jobs in the country, Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology, has said. As per a report, the electronic devices industry was valued at Rs 9.8 lakh crore in 2019-20.
Chandrasekhar was speaking at the ‘New India for Young India’ session in Bengaluru and said that young Indians are driving the country’s progress in India’s ‘Techade’.
“There are more than 90,000 startups, including 110 unicorns, in which Young Indians are playing a big part. They have achieved their success due to their hard work and efforts and not because of any connections or famous last name,” Chandrasekhar said.

He also drew a comparison between India pre-2014 and post-2014 saying that the country is today at an inflection point and the present generation of students were ‘the luckiest generation’ in Independent India’s history.
“The age-old narrative of dysfunctional democracy and governance has been changed to functional democracy and maximum governance, thanks to the policies of the Narendra Modi government,” he added.
Chandrasekhar on SVB crisis
On a query about the Silicon Valley Bank (SVB) crisis and government’s role to mitigate the woes of the startups, the Minister said, “The Indian banking system is much more resilient and stronger in comparison to any other country’s banking system. The startups should therefore opt for Indian banks as their preferred banking partners.”

Chandrasekhar informed that over $250 million have been transferred from SVB to GIFT City banks in the last few days. Indian startups have deposits worth $1 billion in SVB, the minister said earlier this week.
Furthermore, Chandrasekhar said that at least 15 lakh young Indians from Karnataka will be given training in industry relevant Future Ready skills.

He noted that companies like Salesforce, Truecaller and Renesas have opened their offices in India, highlighting the opportunities provided by India. He said “skilling will help to equip young Indians to take on these opportunities.”