Note4Students
From UPSC perspective, the following things are important :
Mains level: Sunrise sectors;
Why in the News?
India must lead in emerging industries to become a developed nation and a USD 32 trillion economy by 2047. Niti Ayoge CEO stressed the need to produce solar panels and electric vehicles.
What are the Sunrise sectors?
Key Sunrise Sectors:
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What are the potential impacts?
- Economic Growth: By investing in sunrise sectors, India can drive economic growth through innovation, job creation, and industrial development. This can help bridge the gap to becoming a global economic power.
- Sustainability: These sectors align with global sustainability goals, helping India reduce dependency on fossil fuels and transition to cleaner, more renewable energy sources, ultimately aiding in climate change mitigation.
- Global Competitiveness: Being a leader in sunrise sectors, such as electric vehicles or solar panel manufacturing, can position India as a global hub for cutting-edge technology and innovation.
What are the challenges faced by the Sunrise Sectors in India?
- Technological Gap: Indian industries are lagging in areas like solar panel manufacturing and electric vehicles, often 5-7 years behind global leaders. This technological gap hinders competitiveness and innovation. Example: India has not fully capitalized on the growing electric vehicle market, which is dominated by countries like China.
- Infrastructure and Investment Deficits: India’s current infrastructure does not fully support the rapid scaling of sunrise sectors. Additionally, private credit to GDP in India is lower compared to global giants like the US and China, affecting the ability of industries to scale up. Example: Limited investments in research, development, and infrastructure for clean technology and manufacturing.
- Policy and Regulatory Bottlenecks: India’s policy frameworks for clean technology and green industries often lack the depth and support required for aggressive global competition. There is a need for more incentives, clear regulatory guidelines, and quicker approvals for new technologies.
Way forward:
- Increased Investment in Research and Development: India must invest heavily in R&D for sunrise sectors, particularly in clean technologies and electric vehicle manufacturing. Government-backed initiatives and partnerships with global players can help bridge technological gaps.
- Policy Support and Incentives: India should provide stronger policy frameworks, such as tax incentives, subsidies for clean tech investments, and faster clearances for new ventures in sunrise sectors. More investment in infrastructure, particularly for electric vehicle charging stations and renewable energy grids, is crucial.
Mains PYQ:
Q How is efficient and affordable urban mass transport key to the rapid economic development in India? (UPSC IAS/2019)
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