Minister Vaishnav referred to the recent roundtable conference held in New York between Prime Minister Narendra Modi and top technology CEOs and said that in the discussion, three top officials had said that they had not seen such a thing for any country in the last 35 to 40 years. Haven’t seen the enthusiasm. The Central Government has approved five semiconductor manufacturing proposals, whose total combined investment is around Rs 1.52 lakh crore.
Manufacturing work continues
The Union Minister further said that Micron Technology will produce the first chip manufactured in India by the beginning of 2025. He further said that the manufacturing work of CG Power Semiconductor facility is going on. Apart from this, the construction work at Tata’s ATMP facility in Assam is going very well. Earlier, the minister said that the development of semiconductor industry in India will further boost the vision of PM Modi. Semiconductor is a basic industry. Chips manufactured in industry are used in medical tools, mobile phones, laptops, cars, trucks, trains, televisions and practically every device.
Market up to 64 billion dollars
Vaishnav said that all the initiatives taken so far, be it the Digital India Mission or the Telecom Mission, have brought technology into the hands of common citizens. According to the report, India’s semiconductor-related market will reach $64 billion in 2026, almost triple its 2019 size. Towards achieving this goal, the ‘Semicon India’ initiative allows financial assistance for front-end fabrication units, sensors, display manufacturing, display fabs, semiconductor packaging and compound semiconductors.
According to experts, “By expanding production capabilities, the country is moving towards becoming a major player in the semiconductor sector. National initiatives like Semicon India Program and India Semiconductor Mission (ISM) are helping in capturing significant global market share, promoting innovation. Focused on providing and creating jobs and stimulating economic growth through technological progress.”