Union Minister, Piyush Goyal, speaking at an event organised by the commerce ministry, said that India is very committed to building a semiconductor industry. The shortage of semiconductors is very evident throughout the world. This is an opportunity for India to put its hands up and invite global companies and also push local companies to set up semiconductor manufacturing facilities.
This is not the first time the Indian government is trying to set up a semiconductor industry in the country. The government had earlier invited global semiconductor manufacturing giants to India, but it didn’t result in any positives as there wasn’t much support, incentive, or even a decent infrastructure for the companies to be excited about.
Goyal Wants India to be Aatmanirbhar
According to a PTI report, Goyal said that both the semiconductor industry and the shipping industry could be strengthened by pushing for local production. As per the union minister, this will help India in becoming Aatmanirbhar.
It is worth noting that last week, N Chandrasekaran, Tata Sons Chairman, said the company is planning for manufacturing critical components necessary for the semiconductor industry. This will also help the group’s auto business which is facing a shortage of semiconductors too.
The arrival of the semiconductor industry in India would mean that the foreign exchange outflow can be reduced to some extent. At present, almost each and every company assembling and manufacturing electronic products in India relies on semiconductors to be shipped from outside the country.
Further, if a solid semiconductor industry can be built in India, it would bring more employment opportunities for the Indians. This will further result in a boost for the economy and will help electronics companies reduce their cost for manufacturing products.
At the end of the day, it might mean that the overall price of the products can be brought down significantly since they are manufactured on a scale. Hopefully, India can take advantage of this opportunity and gap in the market to build more jobs.
