At the India Digital Summit (IDS) 2024, S Krishnan, Secretary of MeitY, highlighted that India is on the brink of a major move towards semiconductor manufacturing, expecting a surge of companies to enter the industry.
According to a senior official from the Ministry of Electronics & Information Technology (MeitY), the next major frontier in India’s technological landscape is the domestic manufacturing of semiconductors, as reported by PTI.
S Krishnan, the Secretary of MeitY, highlighted during the India Digital Summit (IDS) 2024 that India is on the verge of a significant transformation in semiconductor production, with expectations of numerous companies entering this sector. Krishnan forecasted a substantial expansion of the digital economy in the coming years, with its potential value reaching USD 2 billion. He pointed out that significant advancements in semiconductor manufacturing are anticipated within the next 5-10 years, aiming to significantly boost employment opportunities in the electronics manufacturing sector, with a goal to double the current workforce from 20 lakh to approximately 45 lakh.
Krishnan also underscored the critical role of regulations and governance in ensuring the smooth operation of digital economies. He recognized the need for regulatory measures to strike a balance between consumer protection and diverse industry requirements, highlighting ongoing collaboration among regulators. Furthermore, Krishnan emphasized the importance of maintaining an ongoing dialogue with companies to address various IT-related issues and ensure compliance with regulations.
In terms of the proposed Digital India legislation, Krishnan mentioned that efforts are underway to enhance it with additional elements, particularly focusing on issues related to control and regulation. He also emphasized cybersecurity as a key area of focus, stressing the need for robust regulatory frameworks to mitigate risks effectively, as reported by PTI.
