Business News | Telecom Manufacturing Zone in Gwalior to Help India Emerge as Global Telecom Design, Manufacturing Hub: Secretary Amit Agrawal
Get latest articles and stories on Business at LatestLY. India on Thursday signed an agreement to set up the country's first Telecom Manufacturing Zone (TMZ) in Gwalior, with the Centre expecting investments of Rs 2,000 crore and creation of over 4,500 jobs in the first phase, while targeting investments of at least Rs 10,000 crore in the next stage.
New Delhi [India], July 30 (ANI): India's first Telecom Manufacturing Zone (TMZ) in Gwalior will help the country emerge as a global centre for telecom design, development and manufacturing, with anchor investors already committing to the project from its inception, Telecom Secretary Amit Agrawal said on Thursday.
India on Thursday signed an agreement to set up the country's first Telecom Manufacturing Zone (TMZ) in Gwalior, with the Centre expecting investments of Rs 2,000 crore and creation of over 4,500 jobs in the first phase, while targeting investments of at least Rs 10,000 crore in the next stage.The Memorandum of Understanding (MoU) was signed between the Department of Telecommunications (DoT) and the Madhya Pradesh government's Industries Department in the presence of Union Minister for Communications Jyotiraditya Scindia, Madhya Pradesh Chief Minister Mohan Yadav and Minister of State for Communications Chandrashekhar Pemmasani.
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Speaking at the MoU signing ceremony, Agrawal said the initiative would strengthen domestic manufacturing, promote innovation and build resilient supply chains in line with the government's vision of Atmanirbhar Bharat.
"By encouraging domestic production, promoting innovation and developing resilient supply chains, this Zone will help India progress from being one of the world's largest telecommunications markets to enabling India towards becoming a centre for telecom design, development and manufacturing," Agrawal said in his address.
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The Telecom Secretary further said the signing of the Memorandum of Understanding (MoU) marks the beginning of a structured framework for building a globally competitive telecom manufacturing ecosystem in the country.
"Today's MOU translates that shared vision into a concrete institutional framework for developing a globally competitive telecom manufacturing ecosystem," he said.
Agrawal also highlighted the participation of industry players in the initiative and said the early commitment of anchor investors reflects confidence in the project.
"I particularly compliment the anchor investors whose participation from the very inception of the Zone demonstrates their confidence in this initiative and their resolve to walk the talk," he said.
According to him, the Telecom Manufacturing Zone is an important step towards realising Prime Minister Narendra Modi's vision of a self-reliant and globally competitive India.
"It also has the potential to attract substantial investment, create skilled employment and generate new opportunities for local enterprises and young professionals," Agrawal said.
Reaffirming the Department of Telecommunications' support for the project, Agrawal said the department would provide policy and institutional support to create an enabling environment for investors and ensure the successful development of the zone.
He added that the initiative also reflects cooperative federalism, with the Centre, the Madhya Pradesh government and industry working together to develop a manufacturing hub that contributes to India's emergence as a global telecom manufacturing centre. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)