On Thursday, a significant statement was made by Union Telecom & railway minister Ashwini Vaishnav. He claimed that India had plans to dominate the global semiconductor business as a supplier. According to him, the federal government has invested $10 billion in this. The minister stated that India has a lot of promise in terms of infrastructure, skill, and technology during a session on “Lessons from shocks in semiconductor supply” at the annual gathering of the World Economic Forum 2023.
The Minister of Railways said this
He said, “We are immensely helped by the university system, which is producing a great deal of talent. As we have worked with many universities to groom the potential in the right direction. When questioned about the government’s own investment plans. He responded that the government is investing $10 billion in it. And has developed a long-term action plan.
Even with the addition of new criteria, he continued
“We see a lot of opportunity for India to develop into a key worldwide supplier of semiconductors. We are optimistic about the demand being pretty substantial (it is also utilized in electric vehicles and other very advanced technology). And he added, “This business will quadruple to $1,000 billion in the next six to seven years amid the expectation of a great increase in the growth rate.”
Vaishnav added that the government is concerned
about the environment and will make sure that the new factories are supplied with green energy. Let us inform you that India currently depends on other nations across the world for its semiconductor needs. The key nations that provide semiconductors to India are China, Taiwan, Vietnam, and Korea.
What is a semiconductor?
Actually, it’s a very tiny silicon chip. These are utilized in home appliances, laptops, cars, tablets, and fitness bands. The fact that there was a stir in 169 sectors throughout the world during Corona’s peak because of its sluggish supply gives an indication of the importance of semiconductors. Several billion dollars were lost by renowned businesses. New oil is another name for this. The majority of the palladium used in semiconductors and microchips comes from Russia.
Read More: It will be costly to get an electrical connection in UP, another shock for consumer
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