New Delhi [India], March 27 (ANI): India will soon introduce its first indigenous semiconductor chip, as five semiconductor units are currently under construction in the country, Union Minister for Electronics and Information Technology Ashwini Vaishnaw stated on Thursday.

Speaking at the Times Now summit, the Minister emphasized that India's electronics manufacturing sector, once negligible, has now become one of the top three export sectors.

He said 'We have five semiconductor units under construction and will soon see our first Indian chip rollout, with telecom manufacturing significantly growing'.

The minister highlighted that India had missed past opportunities due to restrictive laws, but significant reforms in recent years have paved the way for rapid growth. He attributed India's economic progress to a clear policy framework established by Prime Minister Narendra Modi. He explained that this framework is built on four key pillars.

'The first is the Public Investment in infrastructure where the government is investing nearly Rs 11 lakh crore in social, digital, and physical infrastructure. As a result, India has become the second-largest 5G market in the world and the Indian Railways is set to become the second-largest carrier, transporting 1.6 billion tons this year.,' he said.

The minister highlighted the second point as the growth in manufacturing, he reiterated that India had previously lost manufacturing opportunities due to strict regulations, but reforms have enabled the sector to flourish.

He said, 'Our country missed opportunities in the past due to inhibiting laws, but now, change is happening'.

He also added that the government has prioritized inclusive development, benefiting nearly 80 crore people. Programs like household sanitation have transformed lives, with 13 crore people gaining access to toilets.

Highlighting the legal and economic reforms the minister said that the government has introduced three new laws to reform the criminal justice system--described as the most significant legal reform since Independence.

Vaishnaw expressed confidence that these measures would help India sustain a 6-8 per cent growth rate in the coming years. He urged investors to act swiftly, highlighting India's increasing demand and investment potential.

He pointed out that India's economy, valued at Rs 331 lakh crore, has seen an investment rate of around 31 per cent, with substantial contributions from both the government and the private sector.

' The numbers speak for themselves, making this a timely opportunity to invest, focusing on technology and productivity,' he said.

With ongoing infrastructure development, booming electronics and telecom manufacturing, and policy reforms, India is positioning itself as a global technology and economic powerhouse. (ANI)