The Prime Minister of India, Narendra Modi met Intel CEO Pat Gelsinger where the two discussed subjects including technology, research, and innovation. Gelsinger was joined by Nivruti Rai, Country Head, Intel India, VP of Intel Foundry Services, Intel Corporation, and Randhir Thakur, President of Intel Foundry.
The Intel leadership team has discussed India’s Semicon Program too with the government, according to media reports.
“Celebrating three decades of Intel partnership with India!” Gelsinger said in a Twitter post.
“Glad to have met you @PGelsinger! We had excellent discussions on subjects relating to tech, research, and innovation. I admire your optimism towards India,” PM Modi replied.
The report further added that in the month of December India’s IT Minister Ashwani Vaishnaw tweeted to Randhir Thakur, Senior Vice President and the President of Intel Foundry Services, inviting Intel to set up a semiconductor lab in India.
Growth potential
The Indian semiconductor industry offers high growth potential areas as the industries that source semiconductors as inputs are themselves witnessing high demand. The end-use industries such as mobile devices, telecommunication equipment, information technology, office automation (IT & OA), industrial machinery, automobiles, and several other industries have applications for computing in some form or other and thereby necessarily have a growing demand for semiconductors, an India Brand Equity Foundation report added.
According to the Department of Electronics and Information Technology (DeitY), nearly 2,000 chips are being designed every year in India and more than 20,000 engineers are working on various aspects of chip design and verification.
According to a study by The Associated Chambers of Commerce of India (ASSOCHAM) and EY, the Indian electronics and hardware industry is expected to reach US$ 112-130 billion by 2018 as electronics and hardware manufacturers are looking to increase their manufacturing base in India to cater to the domestic market as well as the Middle East, Africa, and SAARC countries.
According to the India Electronics & Semiconductor Association, the Indian Electronic System Design and Manufacturing (ESDM) market will grow from US$ 76 billion in 2013 to US$ 400 billion by 2020. Consumption of semiconductors, in the meantime, has also steadily climbed. According to a report by NOVONOUS, the semiconductor industry is estimated to grow from US$ 10.02 billion in 2013 to US$ 52.58 billion in 2020 at a Compound Annual Growth Rate (CAGR) of 26.72 per cent.