Sensing a huge opportunity in the global semiconductor market, India has set in motion an ambitious plan to become a key supplier for the world with the government itself putting in USD 10 billion, Communications Minister Ashwini Vaishnaw said on Thursday.
Speaking at a session on ‘Learning from semiconductor supply shocks’ at the World Economic Forum Annual Meeting 2023 here, the minister said there is a very large market that requires semiconductor and India has a huge potential in terms of infrastructure, talent pool and technology.
“Our university system that produces a large number of talent is also helping a lot as we have tied up with many universities to prepare right talent,” he said.
Asked about the government’s own investment plans, he said the government itself is putting in USD 10 billion and it has chalked out a long haul programme.
“We see a huge potential for India to become a key semiconductor supplier for the entire world, that too for the latest requirements including for electric vehicles and for all cutting edge technologies. We are convinced that the demand is going to be huge,” he added.
“The industry is going to double in size to USD 1 trillion in the next 6-7 years with the growth rate set to accelerate in a big way,” he added.
Vaishnaw also said the government is mindful of the environment and it will ensure that the new factories are supplied with green energy.