India To become Global Player in Semiconductor Sector: IT secretary By CIOTechOutlook Team

India To become Global Player in Semiconductor Sector: IT secretary

CIOTechOutlook Team | Monday, 08 July 2024, 04:26 IST

India has the potential and deep understanding to become a global player in the semiconductor business, which is a critical area for the country, according to S Krishnan, secretary of the Ministry of Electronics and Information Technology. He stated that the government was assisting industries in developing an ecosystem for the production of semiconductors.

Krishnan made these remarks during a seminar hosted by fabless semiconductor company iVP Semiconductor Pvt Ltd here on Saturday. McKinsey predicts that the semiconductor business would become a trillion-dollar industry worldwide.

The market for indian semiconductor is booming as it was valued at USD 34.3 billion in 2023 and is highly likely to have a remarkable figure of USD 100.2 billion by 2032 with a CAGR rate of 20.1% during the period 2023 - 2032, according to custom market insights.

India is fast becoming one of the world's largest marketplaces for electronics, automobiles, and electric vehicles, as well as a major hub for technical talent.

"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 stated that iVP Semiconductors Pvt Ltd plays a vital role in developing demand to satisfy the manufacturing capacity in the wafer fab.

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

Raja Manickam, co-founder of iVP Semiconductor Pvt Ltd, announced that his company has acquired USD 5 million in pre-series A funding and wants to establish a production test facility in Chennai and another in South India.