On Friday, India, a major subcontinent nation in South Asia and the European Union signed a MoU (Memorandum of Understanding) to deepen collaboration on the semiconductor ecosystem. The Union IT and Telecom minister, Ashwini Vaishnaw shared the development via a post on X. Such a move will enable India and the EU to progress with their semiconductor ecosystem goals.
Vaishnaw wrote, "MoU signed between India and EU to deepen cooperation on semiconductor ecosystem and enhance resilience in semiconductor supply chain."
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India has announced a $10 billion commitment to promote and enable semiconductor manufacturing in the country. The move is to ensure that India becomes self-reliant. Back in 2021-22, the chip shortage was evident and India could do nothing about it because there was no local manufacturing and supply ecosystem for the same in the country.
The Modi government aims to change that in the near future. That is why this cooperation with the EU is important for India. The MoU was signed at the second India-EU Trade and Technology Council (TTC). The meeting was held virtually between the officials. The working groups of the council are also working on different things such as digital public infrastructure, high-performance computing, EV batteries and recycling, and more.
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Alongside Ashwini Vaishnaw, External Affairs Minister S Jaishankar and Minister of Commerce and Industry, Piyush Goyal also attended the meeting from India's side. The Indian government is working fast to ensure a semiconductor ecosystem can be built in India as the digital world becomes more prominent in the lives of the citizens.
A high-tech future for India can't be promised if the country doesn't have its own design, production and supply chain for semiconductors. These chips are used in all electronics and EVs, which are a crucial part of the lives of consumers.
