(MENAFN- KNN India) New Delhi, Mar 4 (KNN) India is poised to enter the high-stakes Semiconductor manufacturing arena within the next five years, aiming to challenge the dominance of Taiwan, South Korea, and China.
With unparalleled design capabilities and offering substantial USD 10 billion in incentives, India seeks to attract manufacturers to establish cutting-edge fabs and production units, according to IT and Telecom Minister Ashwini Vaishnaw in an interview with PTI.
Vaishnaw emphasised that India's well-crafted policies are enticing manufacturers to set up new fabs (semiconductor fabrication plants) and invest in related sectors.
These semiconductors, crucial for electronic devices across various industries such as automobiles, computers, mobile phones, and appliances, represent a strategic opportunity for India.
The minister highlighted that India's strong design capabilities necessitate the development of manufacturing capabilities to further enhance value within the country.
When questioned about India's timeline to become a significant competitor challenging established semiconductor hubs, the minister affirmed, "Within the next five years, without a doubt."
The ambitious semiconductor plans aim to make India self-reliant, stimulating economic growth and job creation across multiple industries, including automobiles, electronics, power electronics, and defence.
With the goal of becoming a formidable player in semiconductor production within the next five years, India envisions elevating its manufacturing value chain. The government's provision of Rs 76,000 crore in incentives has already attracted major players like Micron and the Tata Group.
India's abundant design talent, constituting approximately one-third of the world's talent pool, is a valuable resource that the government intends to leverage.
By positioning itself as an indispensable partner for the technological ambitions of the United States and other Western economies, India aims to capitalise on the growing trend of diversifying supply chains away from China, especially in light of recent disruptions in global chip supply due to stringent lockdowns in Beijing.
Vaishnaw noted a significant shift in attitudes among industry players, with many now eager to reconsider their investment plans and expedite their entry into India.
(KNN Bureau)
MENAFN04032024000155011030ID1107930199
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.