India Is Serious About Promoting Domestic Semiconductor Industry: Goyal

Union Minister for Commerce and Industry Piyush Goyal on Wednesday interacted with the venture capitalists in San Francisco Bay Area and encouraged them to deeper engagements and greater partnerships with the vibrant Indian startup ecosystem.

He also encouraged them to consider mentorship of early-stage Indian startups to help them scale and succeed.

“As India continues to grow in the digital space, discussed ways to further expand cyber security in the country to ensure a safer and securer Digital India," the Minister tweeted.

The minister added, “As India ushers in Digital Techade, discussed how AI and machine learning is rapidly transforming the Software as a service (SaaS) market, accelerating India’s journey to becoming a 5 trillion economy.”

Interacting with media, Goyal said that the Bay area is very bullish about the potential that India and Indian businesses and startups have to offer. They also see great potential in India’s huge market of 1.3 billion people.

Responding to a query on semiconductor policy, Goyal said that India had come up with a semiconductor policy many months ago, which offered very liberal incentives to companies to come and manufacture in India and set up plants.

We already have a good ecosystem in design and several elements of the SC chain. We are in dialogue with many companies and several of them have showed keen interest in investing in India, he added. 

Goyal assured that India was very serious about promoting domestic semiconductor industry.