IEBS Emphasizing Hidden Opportunities In The Underexplored Indian Semiconductor Industry

In recent years, India has been in the limelight when it comes to supporting technological developments & innovations. In early 2022, the Union Cabinet approved the National Green Hydrogen Mission to attract and support key green hydrogen players across the globe in various aspects. Considering this endeavor to take such initiatives, commitment-based attitude, and ability to disrupt the overdependence on China and Taiwan like few nations for semiconductors, India and the US signed a memorandum of understanding (MoU) on establishing semiconductor supply chain and innovation partnership during the Commercial Dialogue 2023 held last month. Earlier, the governing agencies of both nations tended to build a resilient semiconductor supply chain through their respective missions: the US’s CHIPS and Science Act and India Semiconductor Mission. The CHIPS and Science Act, approved in August 2022, would focus on reducing costs, strengthening supply chains, and creating jobs. On the other hand, India Semiconductor Mission—launched in December 2021—aims towards building a vibrant semiconductor & display design and innovation ecosystem, thereby enabling the nation’s emergence as a global hub for electronics manufacturing, designing, and packaging. The recent MoU aims to leverage the complementary strengths associated with both independent missions and facilitate commercial opportunities through talks on various aspects of the semiconductor value chain.

Government-Led Initiatives to Build a Resilient Indian Semiconductor Industry: India does not have indigenous semiconductor manufacturing facilities, so it has begun to focus on attracting global chip makers to establish manufacturing facilities there. The nation has published a meticulous policy framework to offer financial assistance to businesses investing in semiconductor and display manufacturing; this will help pave the way for India’s expanding participation in the global electronics value chains. On December 15, 2021, the Government of India approved a $10 billion incentive plan, “Semicon India Program,” to attract investments related to semiconductor and display fabrication, as well as to become a key player in the global semiconductor supply chain. The Ministry of Electronics and Information Technology is simultaneously focusing on leveraging the global semiconductor supply chain & attracting foreign investment, for which it has set an ambitious target to achieve $300 billion in electronics manufacturing and exports by 2026. To align with this government-determined target, India will consume semiconductors worth $70-80 billion during the next four years.

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