New Delhi, Dec 5 (IANS): India needs to develop a strong domestic manufacturing base in electronics and telecommunication to avoid huge import bills, said Prime Minister Manmohan Singh Thursday.
"I would like to take today's opportunity to repeat a point that I made last year. India needs to develop a strong domestic manufacturing base in electronics and telecommunication. It is estimated that by 2020 India will be importing electronics product worth $300 billion, which will be more than the value of our oil imports.
"We need to act now to avoid a situation where we face difficulties in financing these imports. India should have manufacturing facilities which result in a balanced trade in electronics products and are part of global supply change," the prime minister said after inaugurating India Telecom 2013 organised by FICCI and the department of telecommunication here.