India can become a hub for semiconductor design, engineering research and development solutions within five to seven years, said Rajeev Chandrasekhar, deputy minister of skills development and entrepreneurship, as well as electronics and information technology. He said India also has potential in electronics manufacturing services.
Addressing Microsoft’s Future Ready conference, the minister said there was a whole new layer of opportunities beyond their core capabilities over the past 15 to 20 years. “There is a huge amount of opportunity in the world for trusted manufacturing and trusted partners in their value chain. “
The Union Cabinet in December 2021 approved a Rs 76,000 crore program to increase semiconductor and display manufacturing capabilities. The Vedanta Group in the same month announced plans to invest $ 15 billion in manufacturing displays and semiconductors in India over five to 10 years through Avanstrate Inc.
Additionally, reports released in November indicated that the Tata Group was in talks with various states to purchase land to build a chip assembly and testing unit estimated at $ 300 million. The Indian semiconductor market, according to government estimates, was worth Rs 1.13 trillion in 2020. It is expected to reach Rs 4.73 trillion by 2026.
Chandrasekhar noted that India is adding two unicorns every month as the world has yet to overcome the COVID-19 pandemic. “It tells you what kind of energy, potential and passion that exists in India today to grow,” he said. “India had tripled its electronics production in the past four years, when many in the industry were skeptical that they had missed the train. “
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The minister added that it was the time of the year 2000 for the Indian digital space. “The next four to five years present a huge opportunity to take a step up in function. “