India to lead semiconductor sector globally, says IT Secretary S Krishnan

India has the talent and in-depth knowledge to compete on a global scale in the semiconductor business, according to S. Krishnan, secretary of the Ministry of Electronics and Information Technology,

The global management consulting firm McKinsey said that the semiconductor business is expected to grow to be a trillion-dollar global industry, while the India Electronics and Semiconductor Association (IESA) projects that the sector will reach USD 100 billion by 2030.

"The government was assisting businesses in developing the ecosystem needed to produce semiconductors," Krishnan said at a seminar held on July 6 by the fabless semiconductor firm iVP Semiconductor Pvt. Ltd.

India is rapidly rising to prominence as a major hub for technical expertise and one of the largest marketplaces for electronics, automobiles, and electric vehicles.

The nation depends heavily on the semiconductor sector, and India has the skills, in-depth knowledge, and scalability to compete on a global scale.

According to Krishnan, the government is assisting businesses in developing the ecosystem needed to produce semiconductors.

“iVP Semiconductors Pvt. Ltd. is crucial in generating demand to meet the wafer fab's manufacturing capacity. I would like to congratulate iVP Semiconductor on the creation of an Indian fabless chip company," he stated.

According to co-founder of iVP Semiconductor Pvt Ltd, Raja Manickam, his company has raised USD 5 million in pre-series funding and intends to establish two production test facilities: one in Chennai and one in South India.

"The company's goal for revenues in the next three to four years is USD 70 million to USD 100 million," he added.