While addressing Bharat Climate Forum 2025, he highlighted the need for India becoming a global champion in sunrise sectors to achieve the target of becoming a developed nation by 2047 and become a USD 32 trillion economy.
What are Sunrise sectors?
- Sunrise industry is a term used for a sector that is developing and poised for rapid growth.
- Typically, such industries register high growth rates and have numerous start-ups and plenty of funding.
- E.g., Semiconductor, Artificial Intelligence, Clean Mobility Systems, Genomics and Pharma, etc.
Significance of Sunrise Sectors
- Economic growth and diversification: Sectors such as renewable energy, EVs, biotechnology, etc., diversify the economy by reducing dependency on traditional industries, making it more resilient to global economic fluctuations.
- Technological advancements: IT and digital technology sectors, including AI and machine learning, have cross-sectoral transforming impact on industries like healthcare, education, and manufacturing.
- Sustainable development: Industries like renewable energy, waste management, and green technologies support India’s climate commitments such as achieving net-zero by 2070.
Challenges for Sunrise sectors in India
- Limited access to Capital: Sectors like renewable energy, biotechnology, EVs, etc., require substantial upfront investment.
- Skilling gaps: Lack of adequate Industry-Academia convergence results in skill gaps in workforce required in these sectors.
- Technological challenges: Critical technologies and components, such as semiconductors, are largely imported, making sectors vulnerable to global disruptions.
Measures taken to promote Sunrise Sectors in India
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