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ndia can become a hub for semiconductor design, engineering research & design (R&D) solutions, and electronic manufacturing services in five to seven years, said Rajeev Chandrasekhar, junior minister for skill development and entrepreneurship, and electronics and information technology.

“There is a whole new layering of opportunities on top of what our core capabilities were over the last 15-20 years," Chandrasekhar said at Microsoft’s Future Ready conference on Tuesday.

“There’s a tremendous amount of opportunity in the world for trusted manufacturing and trusted partners in their value chain," he said.

In December 2021, the Union cabinet approved a 76,000-crore scheme to boost semiconductor and display manufacturing capabilities.

In the same month, Anil Agarwal-led Vedanta Group announced its plans to invest $15 billion on display and semiconductor manufacturing in India across five to 10 years through Avanstrate Inc., a group company which makes special glass used in LCD panels.

According to a November report in Mint, the Tata group has been in discussions with various states to buy land to build a chip assembly and test unit estimated to be worth $300 million.

According to government estimates, the Indian semiconductor market was worth 1.13 trillion in 2020, and is expected to touch 4.73 trillion by 2026.

“We are today adding two unicorns every month when the world has still not gotten over covid; it tells you the kind of energy and potential and passion that exists in India today to grow," Chandrasekhar said.

The minister said India had tripled its electronics production over the past four years, while many in the industry were sceptical that they had missed the train.

“I think we should stop obsessing over the velocity of somebody else’s train and focus on increasing the velocity of our train," he said.

“This is the Y2K moment for the Indian digital space. The next 4-5 years present a huge opportunity to do a step function jump," he added.

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