India has the talent and expertise to become a global leader in the semiconductor industry, a crucial sector for the country, said S Krishnan, Secretary of the Ministry of Electronics and Information Technology. The government is actively supporting industries in creating the necessary ecosystem for semiconductor manufacturing.
Krishnan made these remarks at a conference organized by fabless semiconductor firm iVP Semiconductor Pvt Ltd on Saturday.
Global management consulting firm McKinsey predicts that the semiconductor industry will become a trillion-dollar industry worldwide. Meanwhile, the India Electronics and Semiconductor Association (IESA) estimates that the sector in India will reach USD 100 billion by 2030.
India is rapidly emerging as one of the largest markets for electronics, automotive, electric vehicles, and a significant hub for technical expertise.
“The semiconductor industry is vital for the country, and India has the talent, deep expertise, and scalability to be a global player. The government is helping the industry to create the ecosystem to build semiconductors,” Krishnan said.
Krishnan also highlighted the role of iVP Semiconductors Pvt Ltd in creating demand to utilize manufacturing capacity in wafer fab. “I would like to congratulate iVP Semiconductor on the creation of an Indian fabless chip company,” he said.
iVP Semiconductor Pvt Ltd Co-founder Raja Manickam announced that his company secured USD 5 million in pre-series A funding and plans to set up a production test facility in Chennai and another in South India. The company aims to achieve revenues of USD 70 million to USD 100 million in the next 3-4 years, he added.
