India sets eyes on $1-tn semiconductor market; PM promises faster approvals , Pg1

Key Highlights:

• PM Modi announced India aims for a significant share in the $1 trillion global semiconductor market.
• The government is expediting approvals to accelerate semiconductor manufacturing in India.
• India has approved 10 semiconductor projects with a combined investment of $18 billion (₹1.5 lakh crore).
• India's GDP grew by 7.8% in the first quarter of the current financial year.

Detailed Insights:

• Semiconductor chips are considered crucial economic drivers of the 21st century, similar to crude oil in the past.
• The government is streamlining the approval process through a national single window system for faster project execution.
• The India Semiconductor Mission is under development, with plans for future phases to boost the semiconductor ecosystem.
• India's economic growth of 7.8% amidst global uncertainties highlights its resilience and potential.
• The focus is on long-term commitments to establish India as a trusted hub for semiconductor design and manufacturing.

Key Concepts Involved:

• Semiconductor: A material with electrical conductivity between a conductor and an insulator, used in electronic devices.
• GDP: The total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
• India Semiconductor Mission: A government initiative to promote semiconductor manufacturing and design in India.