India to become semiconductor powerhouse in next five years, avers IT Minister Vaishnaw

Union Minister Ashwini Vaishnaw, during the second edition of the Republic's India Economic Summit, revealed to Republic Media Network editor-in-chief Arnab Goswami that Prime Minister Narendra Modi held several meetings on semiconductors amidst the global shortage. When Arnab asked about how the county will able to manage to establish the semiconductor hub in the crisis-like situation, Vaishanaw asserted India has already started working on it and added the country's electronic manufacturing industry reached a milestone of $80 billion. According to the Union Minister, the industry will inflate to $300 billion in the next five years.

"Around 10 years ago, what was the electronic manufacturing industry in India? Practically negligible. And what is the current scenario-- We have reached a milestone of $80 billion and will probably achieve the target of $300 billion in the next five years. Currently, it is growing at 70-80% CAG hours." 

"Semiconductor is the most strategic item today. A country that wants to be the economic powerhouse has to build a semiconductor industry," he added. The minister asserted India has close to 50,000 semiconductor design engineers in the country who are working for nearly all the best companies in the world. Moreover, he stressed nearly 20 per cent of the major semiconductor companies are managed by Indians. "So, if we collectively, we can definitely achieve the goal," stressed Vaishnaw.

Watch: India Economic Summit: Ashwini Vaishnaw with Arnab Goswami

'PM Modi is taking cognizance of all crucial developments in the country'

According to Vaishnaw, the Prime Minister is aware of the global world shortage of semiconductors and added he directed the ministry to set up an indigenous infrastructure to manufacture electronic discrete components in the country. "At least in all major things-- in railways, telecom, semiconductor, 5G spectrum auction, BSNL revival-- PM Modi used to take meetings," asserted Vaishnaw when Arnab asked about the key points that PM used to focus on during every meeting. The Minister said the Prime Minister used to take detailed and sometimes long meetings on crucial subjects.

"He (PM Modi) wanted to know each and every aspect of the project: what are the plans; how will you going to execute the plan; what will be the implications; where can we fail," said the Union Minister while informing about his recent meetings with PM Modi.

PM Modi wanted a roadmap for the next 50 years: Vaishnaw

Vaishnaw further revealed, "Railways is very close to PM Modi's heart. He knows everything." Vaishnaw recalled how he asked PM Modi to give 45 minutes for a meeting on BSNL but he gave his crucial three hours for the session. He asserted that PM Modi wants a roadmap for the next 50 years and "not a day". "The PM has given us a target of 200 stations. We created a plan such that the growth of the city gets improved by the station, not stymied. We went to the PM and he didn't approve the plan because he wanted us to plan for the next 50 years, not just for today," he said.

Image: Republic World