FM Nirmala Sitharaman Invites US Semiconductor Industry To Invest More In India The minister said financial technology represents a unique opportunity for sustainable and inclusive growth
By Teena Jose •
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Finance Minister Nirmala Sitharaman, on Monday, held a meeting with business leaders and investors, co-hosted by the US-India Business Council (USIBC) and Confederation of Indian Industry (CII), in the Silicon Valley. The minister invited investors to be a part of the country's growth. Speaking at the round table conference, she said financial technology represents a unique opportunity for sustainable and inclusive growth.
"With a growth forecast of almost 8 per cent in FY23, India is likely to remain the world's fastest growing major economy over the next few years, driven by the continuous expansion of its technology and startup ecosystems," said Sitharaman, in a statement.
According to the tweet by the ministry of finance on April 26, "FM spoke about the potential of Silicon Valley companies for the entire semiconductor value chain and the government of India's commitment to be a trusted player in the entire value chain with dedicated incentives through the Indian semiconductor mission."
As per the reports, semiconductor sales surpassed half a trillion dollars in 2021 and the existing supply is pragmatically sold out for 2022 as the global shortage for semiconductors prevails. The shortage heavily affected the auto industry, costing manufacturers $210 billion in revenue as chips have to be installed in cars. Beyond vehicles, semiconductors are an essential element in the economy being used in many things from computers, smartphones, medical equipment and so on.
During the round table with industry leaders from the semiconductor ecosystem, including design, equipment, manufacturing and technology, the participants mentioned that they have substantially scaled their capabilities in India in the last few years, said ministry of finance in a series of tweets.
"The financial sector in India has recently seen PM-guided and FM-led reforms. We hope that the US venture capitalists, endowment funds and asset management companies look at India to start their new journey or scale up the existing operations," said Taranjit Singh Sandhu, Indian Ambassador to the US in a statement.
Sitharaman also met with Mark Widmar, CEO of First Solar and discussed about India's landscape for renewable energy and the company's $700 million investment.
