According to Communications Minister Ashwini Vaishnaw, India has launched an ambitious plan to become a major supplier for the world and has invested its own USD 10 billion as a result of sensing a sizable opportunity in the global semiconductor market. The minister stated that there is a sizable market for semiconductors and
India has enormous potential in terms of infrastructure, talent pool, and technology during a session on "Learning from semiconductor supply shocks" at the World Economic Forum Annual Meeting 2023 held here.
"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 enormous potential for India to emerge as a major global supplier of semiconductors, particularly for the most recent demands, such as those for electric vehicles and all cutting-edge technology. We are confident that there will be a significant demand, "Added he. In the following 6-7 years, the industry's size will double to reach USD 1 trillion, with the growth rate expected to sharply accelerate. Vaishnaw said that because the government cares about the environment, it will make sure that the new factories are powered by renewable energy.