External Affairs Minister S Jaishankar addressed a gathering of Singapore's business community on Saturday, advocating for increased investment in India's burgeoning semiconductor manufacturing sector.
Speaking at the Institute of South Asian Studies (ISAS) of the National University of Singapore (NUS), Jaishankar highlighted India's progress in semiconductor production and called for collaboration to further propel this vital industry forward.
Jaishankar emphasized the significant strides India has made in semiconductor manufacturing, noting the arrival of machinery for semiconductor production and the impending establishment of the country's first three semiconductor plants. Addressing over 300 attendees, predominantly Singapore-based members of the business community, Jaishankar highlighted India's renewed focus and commitment to manufacturing—a trend he described as unprecedented in recent times.
The Minister's remarks followed a lecture on his book 'Why Bharat Matters,' during which he engaged in a productive interaction with leading figures from Singaporean corporations. Taking to social media platform X, Jaishankar expressed gratitude for the positive feedback on India's growth narrative and expressed confidence in bolstering business ties between Singapore and India.
India's dependence on semiconductor imports, which currently account for nearly 90 percent of its requirements, underscores the strategic importance of bolstering domestic production. Aligning with the government's flagship initiatives of 'Digital India' and 'Make In India,' the 'India Semiconductor Mission' aims to position India as a global hub for electronics manufacturing and design.
During his address, Jaishankar outlined the government's efforts to foster a skilled workforce for the semiconductor industry, including collaborations with universities to modernize engineering courses tailored to meet industry demands. He revealed plans to generate 85,000 new jobs in the semiconductor sector, highlighted India's commitment to achieving long-term economic goals set for 2030, 2040, and 2047.
As India marches forward on its path to economic growth and technological advancement, Jaishankar urged stakeholders to actively participate in and prepare for the transformative changes underway in the country. With India's semiconductor industry poised for rapid expansion, partnerships with international investors, including those from Singapore, are crucial in realizing India's vision of becoming a global semiconductor manufacturing powerhouse.
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