S Jaishankar urges Singapore businessmen to invest in India's semiconductor sector

External Affairs Minister S Jaishankar engaged with the city-state's business community, urging them to consider investing in India's burgeoning semiconductor manufacturing sector. Addressing a gathering of over 300 Singapore-based business leaders at the Institute of South Asian Studies (ISAS) of the National University of Singapore (NUS), Jaishankar highlighted India's progress in semiconductor manufacturing and emphasized the investment opportunities available in this crucial sector.

Jaishankar stressed on the strides made by India in semiconductor manufacturing, noting the arrival of machinery for semiconductor production and the establishment of the country's first three semiconductor plants, representing a substantial investment in this multi-billion dollar industry.

During the interactive session, Jaishankar expressed optimism about India's growth trajectory, particularly in the manufacturing sector, and highlighted the positive response to India's Production Linked Initiative (PLI) Scheme among global manufacturers. He also acknowledged India's past shortcomings in manufacturing but emphasized the government's commitment to rectifying this through initiatives like the 'India Semiconductor Mission.'

Semiconductors play a vital role in various industries, from electronics to defence, and India currently imports a significant portion of its semiconductor requirements. Recognising the importance of self-sufficiency in semiconductor production, the Indian government has launched initiatives like 'Digital India' and 'Make In India' to promote domestic manufacturing.

Jaishankar informed the audience about India's efforts to train and upskill talent for the semiconductor industry through partnerships with universities. He highlighted the government's goal of generating 85,000 new jobs in the semiconductor sector in the coming years, emphasizing the need for preparedness and investment in India's economic growth.

In conclusion, Jaishankar stressed on India's long-term economic goals and called on stakeholders to engage with and capitalize on the country's evolving development landscape.

Overall, the minister's address served to foster greater collaboration between Singaporean businesses and India's semiconductor industry, signalling opportunities for mutual growth and partnership in the sector.

(With PTI inputs)