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S. Krishnan Highlights Government Commitment To Semiconductor Growth

S. Krishnan Highlights Government Commitment To Semiconductor Growth

Business Today
Business Today
  • New Delhi ,
  • Sep 26, 2024,
  • Updated Sep 26, 2024, 2:24 PM IST

 

S. Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY), emphasizes the government's commitment to bolstering the semiconductor industry under the Make in India initiative. At the inaugural India Semiconductor conference, SEMICON India, Prime Minister highlighted a decade-long support plan for this crucial sector. The Electronics and IT Minister indicated that a second phase of the India Semiconductor Mission is in the works, expected to launch in the next three to four months, signaling a robust policy push aimed at fostering significant growth in the semiconductor market. The electronic sector has emerged as a focal point in the Make in India program, achieving a remarkable compounded growth rate of over 17% in production, reaching approximately 9.52 crore by 2023-24. This decade-long initiative has not only stimulated domestic production but also led to a surge in exports, which have increased by over 22.4%. The semiconductor sector alone has seen exports surpassing $2.5 billion, showcasing India's evolving position in the global electronics landscape. With these strategic developments, the government is positioning India as a key player in the semiconductor supply chain, fostering innovation and self-reliance in the technology sector.

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