"Today, oil prices have collapsed and gold prices have almost collapsed and hence there is no strain on foreign exchange. But there is so much of imports happening in the field of electronics."
The country should seriously look at the growth of domestic electronics industry as burgeoning imports are putting strain on foreign exchange, a Karnataka government minister said on Monday.
"Today, oil prices have collapsed and gold prices have almost collapsed and hence there is no strain on foreign exchange. But there is so much of imports happening in the field of electronics," Karnataka Industries Minister R V Deshpande said.
"This should not happen, instead exports should happen with the kind of resources we boast of," he said addressing the gathering at 'India Electronics Week 2016' here.
He said though Karnataka is recognised as the hub of innovation and technology development, the electronics industry in the state has not caught on speed as IT and BT did, despite having more than eight per cent contribution towards growth.
"We are recognised as Silicon valley, but as far as the electronic industry goes, though our contribution is more than eight per cent, I am surprised why this industry could not take the speed. Therefore, there is a tremendous scope," he said.
Deshpande urged the electronics players to not only invest in Bengaluru, but also in Tier II and Tier III cities like Mysuru, Mengaluru, Hubli-Dharwad and Belagavi.
"I do not want to jump into the competition for giving concessions to the industries like the states of Andhra and Telangana do, instead provide land, infrastructure and human resources for them to take off," he said.
In his previous tenures as industries minister, he had never believed in giving concessions to the industry, Deshpande said.
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