First semiconductor fabrication plant of India to be announced soon: Union Minister Ashwini Vaishnaw

New Delhi, Mar 14 (KNN) Union Minister for Electronics and IT Ashwini Vaishnaw on Tuesday said that the government will soon announce India’s first semiconductor fabrication (fab).

Addressing the Confederation of Indian Industry (CII) Partnership Summit 2023, Vaishnaw said, “The semiconductor industry is a new industry in India, which cannot just come about overnight. It requires consistent effort, tremendous focus and huge engagement with the stakeholders.”

Talking about what India has done so far in terms of creating a semiconductor industry, the minister said it has touched base with every stakeholder in the industry, be it the gas manufacturers, chemical manufacturers or the photo lithography equipment suppliers.

“India will sees a vibrant semiconductor industry in India in the next three to four years,” he added.

Vaishnaw in his address also pointed out that at present the electronics manufacturing is nearly a USD 87 billion industry. India stands second in terms of phone manufacturing and third in terms of exports.

On another note, talking about the latest developments regarding the Silicon Valley Bank (SVB) collapse, Vaishnaw earlier in the day had said that the SVB resolution is reassuring and would bring much relief to startups.

The US administration has announced that the SVB depositors would have access to their money as federal regulators stepped in to back all the deposits.  (KNN Bureau)