Engineers from the Indian Institute of Technology Bombay (IIT Bombay) have developed a microprocessor called AJIT which could reduce the country's dependence on imports. It is the first to be conceptualised, designed, developed and manufactured in India. The project was funded by the Ministry of Electronics and Information Technology (MeitY) and IIT Bombay. Powai Labs, a Mumbai-based company, has invested in the venture. It will own, market and support the product. India's electronics market is expected to reach $400 billion by 2020. Most of the electronic devices that are used are imported and only a quarter of the devices are produced in the country.
