Rajeev Chandrasekhar, Minister of State for Electronics and IT, said on Friday that the government wants to spend Rs. 24 lakh crore on making electronics by 2025–26. This will make more than 10 million jobs possible.

At an event in Bengaluru, the minister said that the country is at an inflexion point, which is the most exciting time in its history, and that the students of today are the luckiest generation in India's history since it became an independent country.

"The Narendra Modi administration hopes to enhance the country's capacity to produce electronics to Rs. 24 lakh crore by 2025 or 2026. Around 10 lakh employment would be created as a result of this "In a formal announcement, he was reported as adding.

He said that young Indians are a big part of more than 90,000 startups, including 110 "unicorns."

The minister said that at least 15 million young Indians from Karnataka will be taught skills that will help them get jobs in the future.

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Rajeev Chandrasekhar stated the day is marked as "Spoorti Dina" or Inspiration Day, and that the occasion could not be more suited to discuss prospects in IndiaTechade with students. Rajeev Chandrasekhar was remembering the well-known Kannada actor Puneeth Rajkumar, or "Appu," on his birthday.

The Indian banking system is far more resilient and powerful than any other nation's banking system, Chandrasekhar said in response to a query about the Silicon Valley Bank controversy and the Indian government's involvement in relieving startup entrepreneurs' concerns. Thus, Indian banks are the best financial partners for startups.

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A new production-linked incentive (PLI) programme worth Rs. 7,655 crore, including money for Wistron, a manufacturer of Apple iPhone chip, was recently authorised by the Center.

According to The Economic Times, Wistron would earn $601.93 billion out of the entire $765 billion. Whereas Padget, a division of Dixon Technologies, would earn 149.63 crore. Incentives of 7.58 crore, 3 crore, and 2.40 crore would be given to AT&S, Shogini, and Alcon Electronics, respectively.

Also, media sources have indicated that the federal government intends to introduce the PLI programme in order to encourage domestic manufacture of expensive smartphone parts and other IT gear in India. The estimated cost of the plan is between 10,000 and 12,000 crore.

The PLI plan for Large-Scale Electronics Manufacturing (LSEM) has attracted investment of 4,784 crore as of September 2022, resulting in total production of 2,03,952 crore, including 80,769 crore in exports. 

Also, the plan resulted in the creation of 40,916 employment. The production of electronics is predicted to exceed $300 billion by 2025–2026.

Mobile phone manufacturing increased from from 6 crore in 2014–15 to around 31 crore in 2021–22. Mobile phone exports have also significantly increased. 

According to information from Niti Aayog, India exported mobile phones worth 45,000 crore in FY 2021–22, and 40,000 crore in the current year until November 2022, which is more than double the exports produced during the same period previous year.