Soon we will get the good news of India introducing its first indigenous semiconductor chip in the country.
So far, five semiconductor units are under construction in the country, the announcement was made by the Union Minister for Electronics and Information Technology Ashwini Vaishnaw on Thursday.
Launching First Indigenous Semiconductor Chip
Further emphasizing that India’s electronics manufacturing sector, once negligible, has now become one of the top three export sectors, while speaking at the Times Now summit.
“We have five semiconductor units under construction and will soon see our first Indian chip rollout, with telecom manufacturing significantly growing,” Ashwini Vaishnaw said.
He further noted that the country had missed past opportunities due to restrictive laws, but significant reforms in recent years have paved the way for rapid growth.
A Clear Policy Framework
All this could be possible due to a clear policy framework established by Prime Minister Narendra Modi, he said, explaining that this framework is built on four key pillars.
The Union Minister said, “The first is the Public Investment in infrastructure where the government is investing nearly Rs 11 lakh crore in social, digital, and physical infrastructure. As a result, India has become the second-largest 5G market in the world and the Indian Railways is set to become the second-largest carrier, transporting 1.6 billion tons this year.”
He highlighted the second point as the growth in manufacturing further reiterating that India had previously lost manufacturing opportunities due to strict regulations, but reforms have enabled the sector to flourish.
“Our country missed opportunities in the past due to inhibiting laws, but now, change is happening,” he noted.
Further adding that the government has prioritized inclusive development, benefiting nearly 80 crore people.
So far, the household sanitation program has transformed the lives of under 13 crore people gaining access to toilets.
The government has introduced three new laws to reform the criminal justice system–described as the most significant legal reform since Independence, while highlighting the legal and economic reforms, said the minister.
These measures would help India sustain a 6-8 per cent growth rate in the coming years, Vaishnaw expressed.
While highlighting India’s increasing demand and investment potential, the Union Minister urged investors to act swiftly.
Further pointing that India’s economy, valued at Rs 331 lakh crore, has seen an investment rate of around 31 per cent, with substantial contributions from both the government and the private sector.
