Mumbai, May 17 (KNN) Ashwini Vaishnaw, India's Minister of Communications, Information Technology and Railways, stated on Thursday that the country is poised to join the ranks of the world's top seven semiconductor manufacturers by 2029 or 2030.

Addressing investors at the National Stock Exchange (NSE) in Mumbai as part of the Viksit Bharat Ambassador series, Vaishnaw expressed confidence in India's burgeoning semiconductor industry.

"The semiconductor industry is a new industry in the country. But within a short period of time, by 2029 or 2030, we will be amongst the top seven semiconductor manufacturing nations in the world," the minister declared.

Vaishnaw's remarks come as India has extended fiscal support to four semiconductor projects thus far under its semiconductor subsidy scheme. Following the approval of Micron's ATMP facility in Gujarat, the government has also greenlit projects by Tata Electronics and an ATMP proposal by India-based CG Power in partnership with Japan-based Renesas.

Several other initiatives are in the pipeline for potential approval after the upcoming elections, including plans by Tower Semiconductor, an Israel-based company expected to establish a semiconductor fab, and a joint venture between Foxconn and HCL Tech to set up a semiconductor OSAT (Outsourced Semiconductor Assembly and Test) facility in India.

Addressing investors, Vaishnaw claimed that "global brands across the world will soon be deploying made in India chips in their cars, smartphone devices, and other products."

The minister further emphasised that manufacturing would be a crucial pillar in Prime Minister Narendra Modi's "Viksit Bharat" (Developed India) vision, highlighting the government's Production Linked Incentive scheme aimed at creating high-quality employment opportunities for India's youth.

(KNN Bureau)