To boost electronic manufacturing in the country, the government will come out with more policy guidelines if required, Telecom Minister Ravi Shankar Prasad said on Thursday.
"We came with all the policies like MSIPS, differential duty structure, ease of doing business... The entire ecosystem for electronic manufacturing was to be created... If further more is needed, we are quite open to come with new policy guidelines," Prasad said while launching Make in India phones by electronics major LG in New Delhi.
The government is working to make India a big hub of electronics manufacturing and is providing various incentives to companies to set up their shop in India. Demand for electronic products in India is expected to reach $400 billion (roughly Rs. 26,64,400 crores) by 2020.
The Minister said in one year down the line, he sees LG manufacturing latest smartphones in India. "I would expect, this is just a beginning and I am deeply impressed that they will make 1 million smartphones at this facility which they have started," Prasad said.
The Minister added that the government is involved in some transformational programmes like Digital India, Make in India, Skill India, Startup India, Standup India and smart cities that will change the country.
Speaking on the occasion, Telecom Secretary J S Deepak said India is the best place to manufacture phones and electronics in the world and in a couple of years, the production of phones is likely to reach 500 million phones a year.