Speaking at the inauguration of Zetwerk Electronics’ seventh manufacturing facility in Sriperumbudur, about 55 kms from here, Vaishnaw highlighted that the electronics industry has become the country’s second largest export sector, surpassing several traditional industries in the past decade.
The new facility, part of a Rs 1,000 crore investment, will produce electronic components for various sectors, including consumer durables and IT hardware, and will serve both domestic and international markets in the future.
After unveiling the plaque to mark the inauguration of the Zetwerk electronics plant, Vaishnaw emphasised how the electronics industry had rapidly grown, overtaking several long-standing export industries in the last 10 years.
Zetwerk Electronics co-founder, Rahul Sharma noted that the new plant is the company’s seventh in India and is part of a Rs 1,000 crore investment. The Sriperumbudur facility, located in a key industrial zone, is expected to employ approximately 1,500 people.
In an effort to give fillip to electronics manufacturing, Vaishnaw said the government will invest Rs 1,112 crore to establish two electronics manufacturing clusters in Tamil Nadu.
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“One facility will come up in Pillaipakkam (Kancheepuram) and the other at Manalur (Thiruvallur district). They will be large electronics manufacturing clusters and these two will give a big growth to Tamil Nadu and to the country,” he said in his brief address. The Union Minister also thanked state governments, including Tamil Nadu, for their support in boosting India’s electronic exports and acknowledged their efforts in realising Prime Minister Narendra Modi’s vision of transforming the domestic electronics market into a USD 500 billion industry.
Vaishnaw, who is also the Union Railways Minister, claimed that the budget allocation for railways in Tamil Nadu was ‘miniscule’ during the previous UPA regime, whereas Rs 6,636 crore was allotted in the last 10 years.