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India has a significant opportunity to address the global semiconductor industry's talent shortage of one million professionals and is prepared to establish world-class design facilities to tap into the rapidly expanding sector, Union Minister Ashwini Vaishnaw said on Friday.
Addressing the event at Software Technology Parks of India (STPI), the Minister said that the country is ready to establish the world's best design facilities for the semiconductor industry and is ready to bridge the talent gap. He noted that the global semiconductor industry, currently valued at around USD 800 billion, is projected to become a USD 1 trillion industry within the next year and generate one million new jobs worldwide by 2032. "The semiconductor industry is currently worth approximately USD 800 billion worldwide. It's projected to become a USD 1 trillion industry within the next year," he added. Additionally, he added that the global semiconductor industry is expected to create one million job opportunities worldwide. "By 2032, it's expected to create one million new jobs worldwide," he said. Meanwhile, as per the Minister, the industry lags talent. He noted the industry needs a 1 million workforce and India can take this opportunity. "There's a talent shortage of one million in the semiconductor industry. Filling this one million shortage is an opportunity for us," he said. Meanwhile, to approach this talent opportunity, India needs to focus on design and manufacturing. "We need to approach this opportunity from two perspectives: first, design, and second, manufacturing. We're ready to establish the world's best design facilities," he said. In another development, Vaishnaw held a review meeting with senior railway officials to assess the issues and challenges faced by Station Masters and discuss measures to strengthen their role in ensuring safer, more efficient and passenger-focused operations across the Railways network. (ANI)
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