Why in news
Singapore’s President, Tharman Shanmugaratnam, is exploring new initiatives to enhance ties with India, including semiconductor manufacturing and digital solutions.
His visit focuses on strengthening economic and technological cooperation, with a specific emphasis on Odisha and Assam.
The visit also marks the 60th anniversary of diplomatic relations between India and Singapore.
Significance of Semiconductors for India
Industrial Development: The global semiconductor industry is poised for a decade of growth and is projected to become a trillion-dollar industry by 2030, and India aims to capture a significant share.
The Indian semiconductor market was worth USD 15 billion in 2020 and is estimated to reach USD 63 billion by 2026.
Technological Sovereignty: By developing domestic semiconductor capabilities, India can ensure a stable supply for critical defense systems and secure communication networks.
Global Supply Chain: India’s participation in the semiconductor sector can boost global supply chain influence, attract investments, and enhance its strategic geopolitical role.
Digital Transformation: Semiconductors are key to AI, quantum computing, and 5G, making domestic development crucial for India’s digital and technological progress.
It will support data centers, communication networks, and smart cities, aiding national growth.
Skill Development: The semiconductor industry’s demand for specialized skills will boost STEM education and research in Indian institutions.
COMMENTS