A Union Minister for Electronics and IT named Ashwini Vaishnaw said that India is on its way to becoming the world’s next semiconductor hub because the country is putting a lot of money into the semiconductor industry.

Prime Minister Narendra Modi and top tech CEOs recently met for a meeting in New York. Minister Viashnaw said that three of the CEOs said they had not seen this much excitement about any country in the last 35 to 40 years.

The Central government has approved five plans to make semiconductors, which will cost a total of about Rs 1.52 lakh crore.

The Union Minister also said that by early 2025, Micron Technology will have made the first chips in India. The building of the CG power semiconductor plant is still going on. He also said that building work is going very well at Tata’s ATMP plant in Assam.

In the past, the Minister said that the growth of India’s chip business would help PM Modi’s goal even more. Semiconductor is an important business. Chips made in this business are used in almost all electronics, including medical equipment, cell phones, laptops, cars, trucks, trains, TVs, and more.

The Digital India Mission and the internet mission are just two of the steps that have been taken so far to make technology available to everyone.

Reports say that India’s market for semiconductors will grow to 64 billion dollars in 2026, which is almost three times as big as it was in 2019. The “Semicon India” program aims to reach this goal by providing financial support for front-end production units, sensors, display assembly, display fabs, semiconductor packing, and complex semiconductors.

They say that by increasing its output, the country is set to become a big player in the chip market. The goal of national programs like the Semicon India Program and the India Semiconductor Mission (ISM) is to get a big piece of the global market, promote innovation, and boost economic growth by creating jobs and making technology better.