‘SEMICON India 2024’: Introduction
‘SEMICON India’ is an initiative by PM Modi under which India will ‘shape the semiconductor future’. This is the vision of PM Modi to setup the largest semiconductor manufacturing hub in India. Few years back, India settled a vision to make itself “Atmanirbhar Bharat’ under ‘Make in India’ initiative. India is currently on the way to get the success and contributed almost 17-18% in GDP last year. However, India realized the importance of semiconductor in manufacturing the electronic items. India do not have technology to develop semiconductor chips. That’s why, India is very keen in stablishing the ties with different global semiconductor companies like Foxconn, TSMC, Intel, Micron etc.
Why does India need the ‘Semiconductor chips’?
In 2014, ‘Make in India’ initiative was launched by PM Modi. Under this, PM Modi vision was to increase the manufacturing of different items in multiple and different sectors. Previously, India was the largest importer of multiple items from different countries like China, Russia, South Korea, Japan etc. , specifically in electronic items. Here, India had to made the huge payment to these countries and always remain in the trade deficit. Under ‘Make in India’ initiative, India has reduced the trade deficit and build up the manufacturing setup. But today, India has realized the importance of the semiconductor while going ahead in electronic gadgets. India used to import the semiconductor chips from foreign countries. Reducing the cost in manufacturing, generating the high revenue and decreasing the import of it were highly necessary.
Government on ‘Semiconductor Plant’ in India
Former Electronic Minister, Rajeev Chandrasekhar said, “What the China did in last 30 years, India will do the same in next 10 year”. This was the viral statement of him during the ‘SEMICON India 2023’ summit. This statement mainly focused on how China achieved the success in manufacturing the electronic items with the help of semiconductor in last 30 years. India will also setup the manufacturing plant and will achieve the goal to come one of the biggest manufacturer in the upcoming 10 years. For building up the semiconductor ecosystem in India, India is currently bringing changes in the engineering colleges. Government will push more than 300 engineering colleges to let the student educate about the technology of manufacturing semiconductor chips. India will be producing 1Lakh+ jobs for engineering graduates in the upcoming 5 years.
Government of India has recently launched the initial scheme of around $10 billions that will help India to sign deals with global semiconductor manufacturer partner.
- A Company called ‘Micron’ will soon start the production of semiconductor in the month of December, 2024
- Indian Government has signed the MOU with the Singapore. Under this, Singapore will help India to develop semiconductor manufacturing technology.
Which is the largest semiconductor manufacturing company?
TSMC ( Taiwan Semiconductor Manufacturing Company ) is the largest semi manufacturing company.
When India launched ‘Make in India’ initiative?
In the month of September, 2014, India launched the initiative globally to boost the India’s manufacturing industry
How large the global semiconductor market is?
The Global semiconductor sales market reached up to $600 billion as per the data of 2022