The Minister of State for Electronics and IT Rajeev Chandrasekhar on Monday said India will consume semiconductors of about $70-80 billion to manufacture electronics products worth $300 billion by 2026 in line with the government's vision.
Chandrasekhar says the government will achieve the target of establishing a semiconductor ecosystem in India depending upon the interest it is getting from around the globe.
He was speaking on the eve of announcing the first conference on setting up the semiconductor ecosystem in the country -- Semicon India 2022 - that is expected to attract Semiconductor leaders from across the world.
He said, "Demand for digital devices and electronics products is only going up. If you have seen our electronics vision document, we have announced a target of $300 billion in electronic manufacturing, with $120 billion in exports. Our consumption, based on $300 billion electronics (production target by 2026), will be almost $70-80 billion of semiconductors," reported by PTI.
Notably, under the Semicon India Programme, the government has received proposals from five companies to set up the electronic chip and display manufacturing plants with an investment of ₹1.53 lakh crore.
Semicon India programme entailed incentives to the tune of ₹76,000 crore.
As per the report, companies like Vedanta Foxconn JV, IGSS Ventures, and ISMC have submitted proposals to set up electronic chip manufacturing plants with a $13.6 billion investment. They have sought the support of $5.6 billion from the government under the ₹76,000 crore programme.
Further, Vedanta and Elest have proposed a projected investment of $6.7 billion to set up display manufacturing units -- used in mobile phones, laptops, etc. They have sought the support of $2.7 billion from the government under the scheme for setting up display fabs in India.
The minister stated that the applications are being processed at the moment and declined to provide an estimated timeline for their approval.
Prime Minister Narendra Modi will inaugurate the first-ever Semicon India 2022 Conference at 11 am, on 29th April 2022 in Bengaluru.
Chandrasekhar stated that Semicon India – 2022, a 3-day conference, is being organized to take forward the vision of PM Modi which is to make India a leader in electronics manufacturing, semiconductor design, manufacturing & innovation.
Chandrasekhar said that PM’s vision is to make India a significant player in the Global Semiconductor value chain. First time in the last 75 years- rapid decisive strides have been made in this space, he added. Semicon India 2022 conference will attract the best minds from across the world from the semiconductor industry, research & academia and will act as a big step in fulfilling PM’s vision of making India a global hub for electronics manufacturing and the semiconductor industry.
The ministry will organize Semicon India 2022 conference from April 29 – 01 May 2022 at ITC Gardenia, Bengaluru.
This conference will serve as the first roadshow in the series of a roadshow that the Ministry of Electronics & Information Technology will be organizing. Global experts from industry and academia involved in semiconductor design and manufacturing and key representatives from Government are proposed to participate in the event.
As per the ministry, India Semiconductor Mission (ISM) has been set up as an Independent Business Division within Digital India Corporation having administrative and financial autonomy to formulate and drive India’s long-term strategies for developing semiconductors and display manufacturing facilities and semiconductor design ecosystem. Envisioned to be led by global experts in the Semiconductor and Display industry, ISM will serve as the nodal agency for efficient, coherent, and smooth implementation of the schemes.