US and UK firms back Indian chip making approach: Ashwini Vaishnaw
Semiconductor manufacturing companies in the US and Europe have backed India’s approach to creating a well rounded and complete semiconductor ecosystem, the Union Minister for Electronics and Information Technology Ashwini Vaishnaw told ET.
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“The meetings have been very fruitful. The message was clear there is no doubt India is the next big destination for everyone in semiconductors to invest. They acknowledged that we have taken the right direction by first focusing on the building of the ecosystem for a fab plant to sustain,” Vaishnaw told ET.
Vaishnaw is on a tour of the US till Thursday. On Tuesday, he met top executives from several semiconductor manufacturing and fabrication companies operating out of the US and Europe. He also met Google and Alphabet chief executive officer Sundar Pichai and discussed the Make in India programme as well as the India Stack.
“Thank you for taking the time to visit us at the Googleplex, Minister@AshwiniVaishnaw. Enjoyed discussing the many ways we’re working together on India’s digital transformation, and the opportunities ahead,” Pichai tweeted.
According to senior government officials present at these meetings, the executives from the semiconductor fabrication companies said that India had the lowest cost of operating a fab along with the highest talent pool.
More than a million jobs could be created in India over the next few years in the semiconductor manufacturing ecosystem in India, and India had the right talent pool to fulfil this need, the senior executives from the semiconductor manufacturing companies are believed to have told the Vaishnaw led delegation.
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The country is well poised to emerge as a crucial player in the chipmaking segment which is expected to grow to over $1 trillion in seven years from $600 billion now, the company executives said.
On Tuesday, Vaishnaw also addressed members of SEMI, a US based global industry association of electronics and design supply chain manufacturers.
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