Fri. Mar 29th, 2024
Source: Penn Today

Owing to the global semiconductor crisis prevailing, the government is working towards framing a policy for semiconductor manufacturing and designing electronic systems to relieve the industries under stress.

Minister of State for Electronics and Information Technology, Skill Development and Entrepreneurship Rajeev Chandrasekhar was speaking at the India Ideas Summit, organised by United States India Business Council, on October 6.

Through its new policy the government aims to make India a significant manufacturing player in the semiconductor space in the next 2-3 years,” he said. The policy and roadmap are expected to be unveiled this month.

Speaking about the policy, he stated that the government is not just envisioning to become self-reliant in the semiconductor business, but also to begin exporting the much-sought material.

“The government has accelerated efforts to start chip manufacturing in the country and is reportedly in talks with Taiwan to bring a $7.5 billion fab unit to India soon.”

Global supply chain disruptions have been causing havoc in semiconductor production since the outbreak of the Covid-19 pandemic, with Indian automobile companies and electronic manufacturers bearing the hardest brunt.

The post-Covid world has been presenting a ‘Y2K-like’ scenario for the Indian information technology industry, and companies should rigorously impart skills and empower their working forces to be prepared for a digital future.

“The world has dramatically changed the rapid pace of digitisation has just gone through the roof, and therefore the demand for digitisation and talent is also going to commensurately go sky high…we must recognise that we are in the post COVID world, in almost a Y2K-like moment for the Indian tech space,” Chandrasekhar said.

He also expressed his expectations of seeing the entire Indian population using various internet facilities and start relying on digital payments more and more by 2024.

“Currently nearly 800 million Indians use digital payment platforms and the internet on a daily basis, I expect by 2024 the remaining 400 million-odd will also start using the internet, creating an even larger online market in India,” Chandrasekhar said.

Asking IT companies to seize this opportunity, he also called for these companies to put efforts into luring in more investors in the IT sector.

In the next 3 years India should become one of the biggest IT destinations for enterprises globally with its pricing competitiveness and quality talent, Chandrasekhar stated.

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