India to become global player in semiconductor industry: IT secretary | News

By Latest News

Semiconductor industry is vital for the country and India has the talent, deep expertise and scalability to be a global player. (Photo: Bloomberg)


India has the talent and deep expertise to become a global player in the semiconductor industry which is a vital sector for the country, Ministry of Electronics and Information Technology, Secretary, S Krishnan said.


The government was helping industries to create the ecosystem to build the semiconductors, he said.


Krishnan made those comments at a conference organised by fabless semiconductor firm iVP Semiconductor Pvt Ltd here on Saturday.


Global management consulting firm McKinsey has predicted that the semiconductor industry is expected to become a trillion dollar industry worldwide, while India Electronics and Semiconductor Association (IESA) estimates the sector to touch USD 100 billion by 2030.


India is rapidly becoming one of the biggest markets for electronics, automotive, Electric Vehicles and a significant hub for technical expertise.


“The semiconductor industry is vital for the country and India has the talent, deep expertise and scalability to be a global player. The Government is helping the industry to create the ecosystem to build semiconductors” Krishnan said.


Krishnan said the iVP Semiconductors Pvt Ltd plays an important role in creating demand to fill up the manufacturing capacity in wafer fab.


“I would like to congratulate iVP Semiconductor on the creation of an Indian fabless chip company,” he said.


iVP Semiconductor Pvt Ltd Co-founder Raja Manickam said his company secured a USD 5 million pre-series A funding and has plans to set up a production test facility in Chennai and another in South India.


The company has targeted revenues of USD70 million to USD 100 million in the next 3-4 years, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jul 06 2024 | 7:07 PM IST

Source: Latest News