India Powers Up: Global Semiconductor Ambitions in 5 Years

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India Powers Up: Global Semiconductor Ambitions in 5 Years

| Updated: March 4, 2024 20:32

India is poised to become a major player in global semiconductor manufacturing within the next five years. Leveraging its design talent and offering significant financial incentives, the country is attracting leading manufacturers to establish production facilities. This ambitious plan aims to challenge the dominance of established players like Taiwan, South Korea, and China.

IT and Telecom Minister Ashwini Vaishnaw outlined India’s strategy, highlighting the government’s attractive policies and investments to establish new chip fabrication plants (fabs). Semiconductors are essential components in electronics, powering everything from cars and computers to phones and appliances. India already houses factories of major automakers and computer brands, along with electronics manufacturers producing TVs and home appliances.

Reaching for the Top in 5 Years

Minister Vaishnaw expressed confidence in India’s ability to become a major semiconductor player within five years. He emphasized the importance of domestic chip production for a growing economy like India. Building a domestic supply chain will not only enhance self-reliance, but also create significant economic benefits and job opportunities.

“The semiconductor industry fuels many other industries,” explained Vaishnaw. “From automobiles and electric vehicles to electronics, power electronics, and defense, every manufacturing sector relies on semiconductors. Having a domestic semiconductor value chain will benefit all these sectors.”

Attracting Big Players

India’s government has allocated a substantial Rs 76,000 crore in incentives to attract major chip manufacturers. This strategy is already proving successful, with companies like Micron and the Tata Group expressing interest. Additionally, India boasts a large pool of design talent, making it a valuable partner for Western economies seeking to diversify their supply chains away from China. Recent disruptions in chip supply due to China’s lockdowns have highlighted the need for diversification.

“Companies are no longer asking ‘if’ they should come to India, but ‘how soon,'” stated Vaishnaw. “This shift in interest means practically every major player will likely reconsider their investment plans and set up base in India.”

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