Will Work Towards Fulfilling PM Modi's Semiconductor Initiatives: Minister Kumaraswamy
Date
6/15/2024 4:15:12 AM
(MENAFN- IANS) New Delhi, June 15 (IANS) Union Heavy Industries and Steel Minister, H.D. Kumaraswamy, on Saturday, said Semiconductor is a strategic industry and he will work towards fulfilling Prime Minister Narendra Modi's initiatives in the sector that will generate many jobs.
In a post on social media platform X, the minister said semiconductor is a basic requirement for Electronics and automobile manufacturing which is bolstered by the production-linked incentive (PLI) scheme.
“Both these sectors generate lots of employment. I greatly appreciate the semiconductor-related initiatives taken by @PMOIndia and will work towards fulfilling them through my ministry,” said Minister Kumaraswamy.
Former Union Minister Rajeev Chandrasekhar said in a post on X that capital support for strategic sectors like semiconductors is critical to growing India's presence in the global tech manufacturing sector.
"Our digital and tech economy is creating many investments and jobs, especially in electronics manufacturing, which, in turn, depends on semiconductors," Chandrasekhar said.
For the BJP-led NDA government, the areas of focus for the next decade clearly are electronics and microelectronics manufacturing, semiconductors, AI, automotive and EVs.
PM Modi recently laid the foundation stone for semiconductor plants worth over Rs 1.25 lakh crore.
India is the fastest-growing digital economy in the world and aims to become a trillion-dollar digital economy by 2030.
According to Union Railways, I&B and IT Minister Ashwini Vaishnaw, the country has commissioned four semiconductor manufacturing units and in the next five years, the country will become one of the biggest semiconductor hubs in the world.
India's semiconductor-related market is likely to reach $64 billion in 2026, nearly triple the size in 2019, according to Counterpoint Research.
MENAFN15062024000231011071ID1108336954
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.