Union Minister Highlights India’s Semiconductor Boom & Pro-Growth Policies
Bengaluru (Karnataka), February 15: Union Minister Ashwini Vaishnaw on Saturday emphasized India’s economic resilience, stating that the country remains the fastest-growing large economy while effectively keeping inflation under control.
Addressing a press conference, Vaishnaw projected a steady growth rate of 6-8% in the coming years and credited Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for their policies focused on benefiting lower- and middle-income families.
“We are seeing an economy which is the fastest-growing large economy today, and inflation is under control despite the COVID period. We are in a situation where we can confidently say that we will continue growing at 6-8% in the coming years while keeping inflation under control,” Vaishnaw stated.
The minister highlighted several pro-people initiatives, including major tax reliefs for the middle class.
“Many new programs have been launched for lower-income families. For the middle class, major tax relief was given this year—up to ₹12 lakh annually—this is a big jump from the past,” he added.
💰 ₹10,000 Crore Semiconductor Investment Strengthens India’s Tech Ambitions
On Tuesday, Vaishnaw also announced a significant boost to India’s semiconductor industry, revealing that US-based semiconductor services giant Lam Research will invest ₹10,000 crore in India.
✅ The investment is a “big vote of confidence” in PM Modi’s semiconductor vision, according to Vaishnaw.
✅ Lam Research has signed an MoU with the Karnataka government to lease and eventually purchase land in Whitefield, Bengaluru.
✅ The expansion aims to integrate India into the global semiconductor supply chain, ensuring greater self-reliance in chip fabrication equipment.
Vaishnaw took to X (formerly Twitter) to express his excitement over the investment:
“One more milestone in our semiconductor journey: Lam Research announces a major investment of over ₹10,000 crore in India. A big vote of confidence in PM @narendramodi Ji’s semiconductor vision,” he posted.
🇮🇳 India’s Semiconductor Industry on the Rise
India’s semiconductor mission has gained significant traction, with the government approving five semiconductor projects under the India Semiconductor Mission (ISM) with a total outlay of ₹76,000 crore.
🔹 India’s semiconductor market is projected to reach USD 103.4 billion by 2030, fueling a $400 billion electronics industry.
🔹 Targeted government incentives for chip fabrication facilities, increased R&D funding, and industry collaborations are driving the sector’s growth.
🔹 The Indian Semiconductor Mission (ISM) is focused on establishing chip manufacturing hubs, reducing import dependency, and boosting global competitiveness.
With global tech giants investing in India, the country is on track to emerge as a major player in semiconductor manufacturing, enhancing its Make in India vision and strengthening Atmanirbhar Bharat (Self-Reliant India).
📌 Conclusion: A Resilient Economy with a Strong Tech Future
India’s fast-growing economy, controlled inflation, and massive tech investments showcase the country’s resilience and ambition in global markets. With semiconductor manufacturing receiving historic investments, India is well-positioned to become a leading hub for advanced technology and electronics production in the coming years.
📍 Tags:
India Economic Growth, Ashwini Vaishnaw, India Semiconductor Mission, Lam Research India Investment, Karnataka Semiconductor Hub, PM Modi Economic Policies, Nirmala Sitharaman Budget, India Electronics Industry, Bengaluru Tech Hub, Foreign Investment in India