IESA and SEMI Partner to Boost Manufacturing and Innovation Incentives By CIOTechOutlook Team

IESA and SEMI Partner to Boost Manufacturing and Innovation Incentives

CIOTechOutlook Team | Thursday, 12 September 2024, 11:01 IST

The partnership between Semi and IESA will lead to collaborative efforts in advocating policies, working in conjunction with Central and State governments to promote incentives for product development and manufacturing.

Key programs like Production Linked Incentive (PLI) and Design Linked Incentive (DLI) will be utilized. Under the agreement, the Indian Electronics and Semiconductor Association (IESA) will join SEMI, the organizer of Semicon events such as Semicon India.

"This partnership will help SEMI grow a strong presence in this critical emerging market and enable both organisations to identify tangible strategies that leverage our combined strengths to enhance supply chain resilience," Ajit Manocha, President and CEO, SEMI said.

The contract was finalized during Semicon India 2024, as mentioned in the statement. In 2023, the Indian semiconductor market was valued at $34.3 billion and is expected to reach $100.2 billion in 2032, showing a 20.1% compound annual growth rate (CAGR) from 2023 to 2032.

"This milestone is a major win for India, SEMI, and IESA. It positions India to become a global semiconductor powerhouse, accelerates economic growth, and fosters innovation," IESA President Ashok Chandak said.