India’s semiconductor sector set for massive expansion

Mumbai, February 28, 2024: During the India Digital Summit 2024, Shri S Krishnan, the Secretary of the Ministry of Electronics and Information Technology (MeitY), emphasized the importance of semiconductors in India’s plans for the future. Semiconductors are electronic components that can partially conduct electricity and are used in a wide range of electronic devices including computers, smartphones, and televisions. India is becoming increasingly interested in the development and use of semiconductors, with the Indian government investing heavily in the industry as part of its efforts to make the country a global player in the technology sector.

The India Digital Summit (IDS) is an annual event that brings together prominent leaders from the digital and technology industry to discuss trends, innovations, and challenges in the field. The Ministry of Electronics and Information Technology (MeitY) organizes the summit, aiming to foster collaboration between startups, academia, and industry to drive India’s digital transformation. ( ~ Merlin)

“Semiconductors is the other big space. More companies are likely to come into the space. And I think that is the space to launch over the next five to ten years. And our interest in semiconductors is open. We aim to increase employment in the electronics manufacturing sector from close to 2 million people to about 4.5 million,” said Shri S Krishnan, Secretary, Ministry of Electronics & Information Technology (MeitY), Government of India in a fireside chat virtually at the India Digital Summit 2024 (IDS).

Conversing with Deepak Jacob, Group General Counsel, Dream Sports, on the topic of the country’s digital economy, Shri Krishnan 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. We should actively engage in furthering India’s development using the combination of emerging technology increasingly applied in multiple sectors over the next 5 – 10 years. That being the case, and this is just the way that the economy is going to run, technology, digital technology, has all other elements in the economy as well: whether it be manufacturing, or various other forms of service delivery.” 

Shri Krishnan pointed out that regulators, much like the public, recognized the necessity of regulation. He emphasized this when asked about governance, hygiene, and compliance with law for digital platform economies. While balancing consumer protection and diverse requirements, we thoroughly examine regulations to ensure the safeguarding of user information, he said. In the tech sphere, consistent collaboration among regulators was crucial, he remarked. Similarly, maintaining ongoing dialogue with companies on various IT aspects is essential, Shri Krishnan opined. Moreover, the second key aspect involved formulating regulations to ensure compliance, he added.

Shri Krishnan concluded his address by discussing the Digital India Act and stated that stakeholders were actively enhancing it with additional elements. Moreover, the ministry was exploring ways to address a significant issue related to the idea and understanding of ideas, where different forms of control are in place, he informed the audience. Some of these controls occasionally generate issues, emphasizing the need for regulation. This will be a key focus in the approach to cybersecurity, the MeitY Secretary said. 

IDS 2024 is being anised by IAMAI in partnership with the Ministry of Electronics and Information Technology (MeitY), the Ministry of Information and Broadcasting (MIB), the Union Ministry of Tourism, UIDAI, Indian Cybercrime Coordination Centre (I4C), Government eMarketplace, In-Space and Skill India Digital. Peak XV and WhistleFEED Co-power the Summit, brought to you by META.

Other IDS partners include Aaj Tak, Affle, Agrahyah Technologies, Air India Express, AiSensy, Albatross Media, Asianet News, Atmegame, Australia Trade & Investment Commission, Bharat BillPay, BillDesk,, Careers360, Chalo, Dataeye Asia, DigiBoxx, Ethinos, Fi Money, HERE India, indixital, Infinity Learn, Infobip, Interactive Avenues, ixigo, Jagran New Media, JOJO, Lionsgate, Liqvd Asia, MakeMyTrip, MapmyIndia, Markscan, Neokred, PhonePe, PhysicsWallah, PivotRoots – A Havas Company, Razorpay, Shiprocket, Sinch, Times Internet, Transport Corporation of India, True Balance, ValueFirst, and Zupee

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