The upcoming frontier in India's technological landscape lies in domestic semiconductor manufacturing, according to a senior official from the Ministry of Electronics & Information Technology (MeitY) PTI reported.
S Krishnan, Secretary of MeitY, emphasised during the India Digital Summit (IDS) 2024 that the country is poised for a significant shift towards semiconductor production, anticipating the entry of numerous companies into this sector. Krishnan projected substantial growth in the digital economy over the coming years, underscoring its potential to reach a value of USD 2 billion.
Highlighting the potential of semiconductor manufacturing, Krishnan suggested that significant developments are expected in this field within the next 5-10 years. The aim is to substantially increase employment opportunities within the electronics manufacturing sector, aiming to double the current workforce from 20 lakh to about 45 lakh.
Krishnan stressed the importance of regulations and governance in ensuring the smooth functioning of digital economies. He acknowledged the necessity of regulatory measures to balance consumer protection and diverse industry requirements, emphasising ongoing collaboration among regulators. Additionally, Krishnan emphasised the importance of maintaining a continuous dialogue with companies to address various IT-related issues and ensure compliance with regulations.
Regarding the proposed Digital India legislation, Krishnan mentioned ongoing efforts to enhance it with additional elements, particularly in addressing issues related to control and regulation. He highlighted cybersecurity as a key focus area, emphasising the need for robust regulatory frameworks to mitigate risks effectively, reports PTI.