India has Rs 100 cr plan for $1 trillion digital economy

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By Our Special Correspondent

New Delhi, October 4: The Indian Mobile Congress 2022 and Prime Minister Narendra Modi’s launch of 5G services have set the Union Ministers on the gung ho path of $1 trillion digital economy. This is in addition to the Indian government eyeing shift of the global manufacturing bases out of China.

India’s aggressive bid to scale up semiconductor capacity is fast emerging as the amplifier of the digital economy. Gujarat and Karnataka have aggressively wooed the investors to set up bases in semiconductor chip manufacturing, with both the states bagging big ticket foreign direct investments.

Union Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Rajeev Chandrasekhar on Tuesday said in Rajkot, Gujarat that India will soon emerge as a leader in electronics manufacturing.

He emphasised that the Government’s strategy is to encourage the broadening of the electronics space through investments in semiconductors, AI, machine learning, blockchain, etc.

“For this purpose, the Government is ready to give grant up to Rs 100 crore for investment in semi-conductor designs,” added the Minister.

The Central government is seeking to go aggressive with semiconductor self-reliance, with an upgrade of the facility in Mohali also on the cards, with a significant fund infusion from the Centre.

Chandrasekhar said that he will soon embark on roadshows in different parts of the country to encourage entrepreneurs to grab the opportunities in semiconductor design and manufacturing.

“Our strategy is to cut down on imports and aim to become a value creator to the supply and value chains and not just being a commodity exporter,” added Chandrasekhar.

Referring to Gujarat’s initiative in the electronics sector, Chandrasekhar said that the State has taken several proactive measures like announcing its own Semicon policy and establishing Dholera as Asia’s largest electronics hub.

“Dholera will bring along a lot of opportunities for entrepreneurs of the State,” he added.

China-Taiwan tension is incidentally making the global manufacturers for alternatives to the semiconductor bases in Taipei to insure against any disruptions in the event of a war in the Taiwanese straits. India sees there is a major opportunity to take a short route to become a semiconductor pivot for the world after Taiwan.

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