India on way to reach $300 bn worth electronic goods production: Vaishnaw

Union Minister Ashwini Vaishnaw also said developing a semiconductor industry is not a sprint but a marathon and that the government is for it

Union Minister Ashwini Vaishnaw on Friday said the country is already manufacturing electronic goods worth USD 76 billion and is on the way to reaching USD 300 billion.

He also said developing a semiconductor industry is not a sprint but a marathon and that the government is for it.

"We are already USD 76 billion in electronics manufacturing and are on the way to USD 300 billion. The way smartphone usage and the 5G industry is growing, it's going to see a very high growth for semiconductors in the coming years, Vaishnaw, who holds the Electronics and Communication as well as the Railways portfolio, said at the inaugural session of the Semicon India-2022 here.

About developing a semiconductor industry, he said, "we are prepared for the pursuance required. We are prepared for the sincere partnership between industry, government, academia and research, which is required for the sustained development of the semiconductor industry."

Noting the many countries are offering incentives to the semiconductor industries, the Union Minister said India has offered a substantial incentive.

"But the big differentiator is that we are committed to create and augment our talent pool by 85,000 semiconductor professionals over the next 10 years. We have also tied up with global institutions," the minister explained.

Almost 100 academic institutions and R&D institutions have been roped in to raise 5,000 professionals in research, 30,000 engineers and 50,000 at the lower level, Vaishnaw said.

"This is our commitment to augment our talent riding on the sincerity of our execution. Prime Minister Narendra Modi's hallmark in his entire public life is whatever he promises, he delivers. And his team is here with you committed to participate in your journey, committed to make the difference that is needed in this world, committed to make a very reliable supply chain in all this uncertain time of geopolitical uncertainty," the Union Minister told the industry.