In a significant development aimed at bolstering India’s technological prowess, Union Heavy Industries and Steel Minister, H D Kumaraswamy, affirmed his commitment to advancing the semiconductor sector.
He emphasized its strategic importance and potential to create numerous job opportunities.
Taking to X, Minister Kumaraswamy underscored that semiconductors form the backbone of electronics and automobile manufacturing, crucial sectors that drive employment growth.
He expressed admiration for Prime Minister Narendra Modi’s initiatives in this domain, particularly highlighting the production-linked incentive (PLI) scheme designed to enhance semiconductor production.
“Semiconductor is a strategic industry. It is a basic requirement for electronics and automobile manufacturing. 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,” stated the minister.
Semiconductor is a strategic industry. It is a basic requirement for electronics and automobile manufacturing. Both these sectors generate lots of employment. I greatly appreciate the semiconductor related initiatives taken by @PMOIndia and will work towards fulfilling them…
— ಹೆಚ್.ಡಿ.ಕುಮಾರಸ್ವಾಮಿ | H.D.Kumaraswamy (@hd_kumaraswamy) June 15, 2024
Former Union Minister Rajeev Chandrasekhar echoed similar sentiments on platform X.
Meanwhile, he emphasized the pivotal role of capital support in strategic sectors like semiconductors to bolster India’s standing in global tech manufacturing.
Chandrasekhar emphasized the exponential growth potential of India’s digital and tech economy, driven largely by electronics manufacturing which heavily relies on semiconductors.
Capital support for strategic sectors like Semicon are critical to growing Indias prescense in the Global Tech Mfg sector.
Our Digital & Tech economy is creatng many investments & jobs espclly in Electronics mfg – which in turn depends on Semiconductors @PMOIndia… https://t.co/t0lxvSttxS
— Rajeev Chandrasekhar 🇮🇳 (@RajeevRC_X) June 15, 2024
However, the BJP-led NDA government’s focus for the next decade includes electronics and microelectronics manufacturing, semiconductors, AI, automotive, and EVs.
Meanwhile, PM Modi recently inaugurated semiconductor plants valued at over Rs 1.25 lakh crore.
According to Union Railways, I&B, and IT Minister Ashwini Vaishnaw, India has commissioned four semiconductor manufacturing units. Over the next five years, the country aims to emerge as one of the largest semiconductor hubs globally.
Additionally, Counterpoint Research forecasts that India’s semiconductor market is poised to reach $64 billion by 2026, nearly tripling its size from 2019.
