Jaishankar urges Singapore’s business community to invest in India’s semiconductor manufacturing sector – ET Auto


Jaishankar urges Singapore’s business community to invest in India’s semiconductor manufacturing sector – ET Auto

External Affairs Minister S Jaishankar

External Affairs Minister S Jaishankar on Saturday briefed Singapore’s business community about the strides taken by India in the field of manufacture of semiconductors and appealed to them to invest in this key sector in the country. Jaishankar spoke about how machines for the manufacture of semiconductors have started coming (to India) and also how India is progressing towards establishing the first three plants for this multi-billion dollar industry.

“There is a degree of purpose and seriousness as well as investment going into manufacturing that has not been seen for a long time,” the Minister told a 300-plus audience, mostly Singapore-based members of the business community.

He was answering questions at the Institute of South Asian Studies (ISAS) of the National University of Singapore (NUS) after a lecture on his book ‘Why Bharat Matters.’

“A very productive interaction with leading Singaporean Corporate figures. … Appreciate their positive feedback on the India growth story, based on investment experiences. … Confident that their commitment to doing more business in India will further increase,” Jaishankar later posted on X along with some photos from the event.

Jaishankar, who is on a three-day visit to Singapore and reached here earlier in the day, highlighted “a very good global manufacturing response to the Production Linked Initiative (PLI) Scheme,” but at the same time reminded the audience that India had missed the manufacturing bus in the previous decades.

Semiconductors are an essential component in almost everything, from electronic gadgets to consumer goods and from solar panels, satellites to weapons. Currently, India imports almost 90 per cent of its requirements of semiconductors.

Combining the two primary focus areas, the ‘Digital India‘ and ‘Make In India,’ the Modi government has launched ‘India Semiconductor Mission‘ as a specialised and independent business division to enable India’s emergence as a global hub for electronics manufacturing and design.

Jaishankar told the investor audience about three semiconductor plants being set up in India and said, “We have started to get machinery for semiconductors today to start to build in India.”

The manufacturing message is being taken across the country, and clearly with better logistics and better talent, he pointed out.

Jaishankar also informed the guests that the government of India has entered into agreements with the country’s universities for training by modernising and tweaking engineering courses in a way in which the resources for the semiconductor industry would start to flow.

“Right now, we are actually looking at a plan which would give us in the coming years at least 85,000 new people for jobs in the semiconductor zone …. it is something which we expect to grow.”

Jaishankar elaborated on the decade spent on building a foundation and goals set for achieving target-driven economic growth saying India has set 25-year goals for itself.

“That is something which is happening, the 2030 goal, and there’s a 2040 goal. And there’s a 2047 goal,” said Jaishankar, calling on people to get more invested in all these changes happening (as development progresses within these goals), and urged people to start preparing themselves for what is to come.

  • Published On Mar 24, 2024 at 11:24 AM IST

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