India should be the destination for semiconductors: Ashwini Vaishnaw tells at World Economic Forum

“Three years from now India will be a large telecom equipment exporter. All the pieces are well set and the development is very good. A couple of countries have started exporting to countries like the US. So there is a very large market where the semiconductor is required as the basic raw material,” the minister said at the WEF session on semiconductors as quoted by ANI.

“Electronics manufacturing which was practically negligible 10 years back is today a significantly large industry. The supply chain is shifting to the country. Sector after sector, we are getting from import substitution to export-led growth," he said.

“Our university system is producing 500,000 engineers every year. We have tailored our entire plans to make sure that this uncertainty system generates a significantly large number of talent. We have committed to developing 85,000 talents over the next 10 years,” he said.

Ashwini Vaishnaw argued that it “is natural that India should be the destination for semiconductors.”

“The government is putting in USD 10 billion and that is just the first tranche. We fully understand that this cannot be done in a quarter or two or a year. This is a long haul and will require persistence. It wil require lots and lots of effort,” he added.