India has emerged as a significant player in the global semiconductor sector, securing investment proposals worth a staggering INR 2.5 Lakh Cr over the last two years. Minister of State (MoS) Rajeev Chandrasekhar highlighted this achievement during the Viksit Bharat Ambassador Meet in Pune, emphasizing the nation’s departure from the ‘Fragile Five’ status and its ascent to the world’s fifth-largest economy.
Chandrasekhar acknowledged India’s transformation into a beacon of hope, citing inclusive policies and innovative governance strategies. He revealed the government’s ambitious goal, set by Prime Minister Narendra Modi, to propel India into the status of Viksit Bharat (Developed India) in the coming years.
The semiconductor policy, unveiled by PM Modi in 2022, garnered global attention and marked India’s entry into the semiconductor ecosystem. Just two years ago, the country was not a significant player in this critical industry.
In 2022, the Indian government allocated INR 1,000 Cr to fund semiconductor startups, signaling a commitment to fostering innovation in this sector. Chandrasekhar assured that the government would actively support the development and design of the next generation of devices and products within the country.
This year, the government’s focus on the deeptech industry, as part of the second leg of the Startup India initiative, aims to provide backing to startups addressing semiconductor chips, quantum computing, artificial intelligence, and cybersecurity.
In a recent update to the Parliament, Chandrasekhar disclosed that the government has received four proposals for building semiconductor manufacturing plants and 13 for chip assembly units. This comes in addition to the INR 22,516 Cr chip assembly plant set up by US-based memory chip maker Micron.
India’s strides in the semiconductor sector are indicative of its commitment to technological advancements and economic growth. The investments received underscore the global confidence in India’s capabilities and potential in the semiconductor landscape.
