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Semiconductor Industry in India
- India's semiconductor industry is growing rapidly as the government aims to make it a global hub for chip manufacturing and design, with it's domestic market size being a major draw for many firms.
- The Indian government has also taken lots of initiatives which includes 'Make in India' and 'Production Linked Incentive (PLI)' to encourage entrepreneurs and investors.
- Factors that favour India as a major player in the semiconductor industry include a cost advantage with labour costs being lower than in developed countries, an efficient supply chain and the emerging ecosystem with skilled workforces.
- India leads globally with a significant number of science, technology, engineering and mathematics (STEM) graduates, essential for semiconductor manufacturing, design, research, and development.
- The country's semiconductor market was valued at US$ 26.3 billion in 2022 and is expected to reach US$ 271.9 billion by 2032, by growing at a CAGR of 26.3%.
- India emerged as a preferred destination for back-end assembly and testing operations amid the industry's relocation. India's involvement in the front-end manufacturing process is also expected to increase and it's stable political environment and large domestic market makes it attractive for technology companies.
- The Indian government has established the India Semiconductor Mission (ISM) and is aimed at fostering a robust semiconductor and display ecosystem, to make India a key player in the semiconductor manufacturing.
- Several domestic and international bodies, like Tata Electronics have made significant investments in the Indian semiconductor industry, highlighting India's potential as a global center for semiconductor production and giving it an advantage in attracting more investments.
- In conclusion, India has lots of potential in the semiconductor industry with growing investments supported by ongoing government backing and policies.
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