Breaking News
1. Middle class 'rapidly eroding' as poverty soars in Myanmar: UN      2. Biden says US ready to defend Philippines from 'any attack' in South China Sea      3. China coast guard patrols waters of Diaoyu Islands      4. China state planner finalises rule to set up coal production reserve system      5. Former China Everbright Group chairman charged with taking bribes, state media reports      6. US military says destroyed missile launched from Houthi-controlled areas of Yemen      7. CBI creates dedicated e-mail id for land grab victims in Bengal's Sandeshkhali      8. Day after HC order, CBI creates email ID for Sandeshkhali victims in Bengal      9. OJ Simpson dead: Former actor and football star passes away following prolonged battle with cancer      10. Indira Gandhi assassin's son Sarabjit Singh to contest in LS polls from Punjab's Faridkot      11. Rahul Gandhi goes through manifesto feedback, calls up people from car      12. Who is an approver, and what does the century-old law protecting approvers say?      13. Modi government’s attempt to explore gas and oil in biodiversity-rich Wadge Bank roils the Kanniyakumari LS election      14. In Gaya, Manjhi faces son of man who trounced him in 1991      15. ‘Sound and stable ties’: China responds to PM Modi's comments on ‘prolonged’ border row      16. Two Philippine navy pilots killed in helicopter crash      17. South Korea's PM Han Duck-soo offers to resign after poll defeat      18. BJP's News List Drops Kirron Kher; Ahluwalia Faces Shatrughan In Asansol      19. PM Modi bats for peaceful ties with Pakistan, China: ‘We need to urgently…’      20. Swiggy offers 20% discount to High Net Worth Individuals in pre-IPO deal: Report     

India's Semiconductor Sector Set for Growth: Two Multi-Billion Dollar Plants Planned, Confirms Rajeev Chandrasekhar

  • Posted on February 19, 2024
  • Business
  • By Top Stories
  • 248 Views

India's technology sector receives a significant boost as Minister Chandrasekhar announces the establishment of two multi-billion dollar semiconductor fabrication plants. Backed by major investments, these initiatives signal India's commitment to self-reliance in semiconductor production, aligning with its broader vision for technological advancement.

India's Semiconductor Sector Set for Growth: Two Multi-Billion Dollar Plants Planned, Confirms Rajeev Chandrasekhar Image Source -www.thefederal.com

In a significant development for India's technology sector, Minister of Electronics and IT Rajeev Chandrasekhar announced the establishment of two colossal semiconductor fabrication plants in the country. These plants, backed by multi-billion dollar investments, mark a pivotal moment in India's journey towards self-reliance in semiconductor production.

Chandrasekhar disclosed that one of the ventures entails an $8 billion proposal from Tower Semiconductors, an Israel-based firm, while the other stems from the esteemed Tata Group. These initiatives align with India's broader strategy to bolster its semiconductor capabilities and reduce dependency on imports.

Highlighting the importance of these forthcoming fabs, Chandrasekhar emphasized their utilization of cutting-edge technologies, including 65, 40, and 28-nanometer processes. Additionally, various packaging proposals are under evaluation, showcasing a comprehensive approach to semiconductor manufacturing.

The minister underscored the urgency of expediting approval processes, hinting that these projects might receive the green light during the third term of Prime Minister Narendra Modi's leadership. However, clearance before the upcoming general elections remains a possibility, indicating the government's commitment to fostering technological advancement.

India has already received four proposals for semiconductor fabrication plants and thirteen for chip assembly and packaging units. This announcement adds to the momentum created by the establishment of a chip assembly plant by Micron, a US-based company, in Gujarat, further solidifying India's position in the global semiconductor landscape.

Also Read: Amitabh Kant Highlights India's Requisite 9-10% Growth For A USD 35 Trillion Economy By 2047

Reflecting on India's semiconductor journey, Chandrasekhar lauded the progress made since the inception of the semiconductor program in 2020. From advancements in semiconductor design to fostering startups and talent development, India has made significant strides in the sector.

Government data forecasts substantial growth in domestic electronics manufacturing, reaching Rs 23,95,195 crore by 2026. Chandrasekhar advocated for reducing import duties on electronic components to spur export-led manufacturing, echoing the philosophy of industry luminary Andrew Grove.

Also Read: Deepika Padukone's BAFTA 2024 Moment: Viral Video As She Presents Award

India's emergence as a key player in the global electronics supply chain is evident, with a gradual shift away from traditional hubs like China. Chandrasekhar highlighted India's pivotal role in this transition and expressed confidence in the country's potential to become a global leader in electronics manufacturing.

With nearly all mobile handsets now manufactured domestically, India aims to replicate this success across various electronic segments, targeting a $300 billion industry by 2026-27. Chandrasekhar's vision encompasses India's ascension as a trusted partner in global electronics value chains, spanning smartphones, IT hardware, laptops, servers, and beyond.

Author
No Image
Author
Top Stories

You May Also Like