: Electronics industry to grow to $ 250 bn in five years: Vaishnaw #finance #StockMarketNEWS #Business UNI New Delhi Minister of Electronics and Information Technology Ashwini Vaishnaw on Friday

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Electronics industry to grow to $ 250 bn in five years: Vaishnaw #finance #StockMarketNEWS #Business
UNI

New Delhi

Minister of Electronics and Information Technology Ashwini Vaishnaw on Friday said in the Rajya Sabha that electronics manufacturing industry is expected to reach $ 250 billion in coming five years from $ 75 billion now.

He said the industry is currently growing at a pace of 25-26 per cent annually.

In his oral reply to a question by BJP Rajya Sabha member KJ Alphons, the Minister said the government has held detailed discussion with all stakeholders in the industry on manufacturing semi-conductors in the country.

“Whatever discussion we are having with the industry, will lead to good results,�? Vaishnawsaid.

Alphons suggested that the government should identify three private players and give financial support of $ 1 billion to each company to ensure that the country produces enough chips over the next three years.

“Semi-conductor industry is a very complex industry. It’s highly, highly capital intensive industry. The steps taken by the government has given very good results so far. Are we there? Do we need to do more? Yes, definitely need to do a lot more,�? the Ministersaid.

Alphons noted that the government sector had failed to do enough in meeting the requirement of semi-conductors in the country and said that private sector should be roped in.

In his reply, Vaishnaw stated that semi-conductor industry is part of the electronics manufacturing eco-system.

He said the government has held very detailed interaction with all the stakeholders in this industry. The Minister explained that there are five major stakeholders in the semi-conductor industry Fab companies, composite semi- conductor manufacturers and entire supply chain, which specialise in gases and chemicals, design and packaging people.

The government has touched base with all the stakeholders, he added.
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