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Updated February 28th, 2024 at 18:19 IST

Silicon chips in India to come up ‘in a big way’ in 5-10 years : MeitY Secy

With 20 lakh people working in the electronics manufacturing sector in the country, the government is expecting these jobs to go up to about 45 lakh, he said

Reported by: Business Desk
Semiconductors
Semiconductors | Image:Unsplash
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Made in India: Semiconductor manufacturing is expected to come up in India in a big way in the next 5-10 years, according to a senior official in the Ministry of Electronics and Information Technology (MeitY).

The domestic manufacturing of semiconductor chips is the next big space, with several companies expected to venture into the segment, MeitY Secretary S Krishnan said.

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Speaking at the India Digital Summit 2024, Krishnan said India seriously needs a $2 billion digital economy, with the digital economy expected to grow at a faster pace in the next few years.

"Semiconductors is the other big space. More companies are likely to come into the space...Our interest in semiconductors is open," he said.

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With about 20 lakh people employed in the electronics manufacturing sector in India, the government would like these jobs to go up to about 45 lakh, he added.

"We expect the digital economy to really grow at an increasing pace in the next few years. A $2 billion digital economy is what India seriously needs," the official was quoted as saying.

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On aspects of governance, legal compliance and hygiene for digital economies, Krishnan said that regulators recognise the importance of regulation as much as the public does. 

Regulations are examined through and through for protecting user information, he said, on balancing of consumer protection and diverse requirements. 

It is important to maintain constant collaboration among regulators in the technology space, he added.

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On a related note, continuing on conversations that are underway with companies on various aspects of Information Technology is essential, Krishnan stated.

The second key aspect incorporates the formulation of regulations to make sure of compliance.

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He also spoke on the efforts being made to enhance the proposed Digital India legislation with additional elements. 

The IT ministry is also looking into ways to address a notable issue pertaining to the idea and understanding of ideas, where different forms of control are in place, he said.

Krishnan said a few of these controls often give way to issues, which emphasises the need for regulation.

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This will be a pivotal focus in the approach to cybersecurity, the MeitY Secretary said.

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Published February 28th, 2024 at 18:19 IST

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