It is generally known that the ability to produce and export higher technological goods is closely related to the standard of growth and societal modernization. The exports’ focus on technology is monitored by UNIDO. According to their reports, high-tech and medium-tech goods make up 58% of manufacturing exports worldwide. After peaking at 25% before the global financial crisis, the proportion of high-tech goods in manufacturing exports is currently over 20%. High shares of this are held by nations including the US, UK, Germany, Japan, and South Korea.
Source: New Age
India performs worse than the average exporter in the world. Our high-tech export to manufacturing export ratio is 10% to 11%. Our medium-tech exports perform better, ranging from 25 to 29%. This means that even when measured in terms of its own exports rather than in absolute terms, India’s exports of high- and medium-tech goods are significantly lower than the world average.
This suggests that despite unquestionable individual benefits, the enormous developmental effort made over a long period of time to lay the groundwork for the development of technology abilities has not benefited society as a whole.
Source: APP Digital
Despite the wide range of promotional programmes available, data from the Annual Survey of Industries shows that the number of new factories has been falling. Our R&D spending is still modest, and experts bemoan the inadequate industry-academia partnership. Yet, there hasn’t been any effort to cluster or co-locate the many components needed for tech production.
For instance, rather than concentrating them around the designated tech manufacturing centres that we are attempting to promote, the location of our technology training institutions and specialised medical institutions is decided freely.
The geopolitical climate is essential right now. China’s future as the world’s industrial hub is uncertain because of the current US-China trade war and Xi Jinping’s leadership style. Numerous multinational companies that manufacture goods in China are revising their plans for the country. So, a chance to make up for our prior mistakes has presented itself. We should grab it.
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