S Jaishankar, India's Minister of External Affairs, recently met with Singapore's business community to encourage them to explore investment opportunities in India's expanding semiconductor manufacturing sector.
He highlighted India's progress, including the recent acquisition of manufacturing equipment and the establishment of the country's first three semiconductor facilities.
During the interactive session, Jaishankar expressed confidence in India's growth trajectory, particularly in the manufacturing sector, and highlighted the positive reception of India's Production Linked Initiative (PLI) scheme among global manufacturers.
While acknowledging past challenges in the manufacturing sector, Jaishankar reiterated the government's commitment to addressing these issues through initiatives such as the India Semiconductor Mission.
Jaishankar outlined India's efforts to cultivate and develop semiconductor expertise through collaborations with universities, with the aim of creating 85,000 new jobs in the sector in the near future.
Meanwhile, Jaishankar also emphasised India's enduring economic goals and urged stakeholders to actively participate in and benefit from the country's evolving development trajectory.
Semiconductors are crucial components across diverse sectors, spanning electronics to defence. India presently relies on semiconductor imports, emphasizing the imperative of achieving self-reliance in their production. To this end, the Indian government has introduced initiatives such as 'Digital India' and 'Make In India' to bolster domestic manufacturing.