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Speaking at the Hindustan Times Leadership Summit 2022, Chairman of Vedanta Resources Limited Anil Agarwal sharing the details about the mega semiconductor project with Foxconn said that the project aims to create a complete ecosystem by making fundamental raw materials and each state will be able to make its smartphones, TVs.

“Smartphones, EVs, all these things need to come at an affordable price.. A complete ecosystem has to be created. We are just making fundamental raw materials. If we get the fundamental product, then each state will be able to design their own products according to their needs," Agarwal said in conversation with Mint's editor-in-chief Sruthijith KK at HTLS 2022 in New Delhi on Saturday.

A joint venture of the Vedanta and Foxconn had on September 14 signed a Memorandum of Understanding (MoU) with the Gujarat government to invest 1.54 lakh crore to set up the plant in the state. The companies had said that the JV project will create over 100,000 jobs in Gujarat.

On the semiconductor plant, Vedanta boss said that Maharashtra's downstreams will be bigger than Gujarat. “Setting up (the plant) in Gujarat has its own challenges. Maharashtra will set up one of the largest downstreams which will be bigger than Gujarat. This will happen." He added that as the project progresses, new doors will open.

Talking about the timeline of opening of semiconductor chip plant, Agarwal said that proven technologies like automobile technology and some of chips required for laptop will be provided within two years of laying foundation stone.

When asked about what changes he has seen in terms of desire to facilitate business, bring in industry, and chase for complex projects like these, Agrawal says "The trust deficit has narrowed."

Agarwal added that Artificial Intelligence (AI) and digital technologies are need of the hour while talking about the overall impact on the electronics manufacturing ecosystem. Citing a report, he said 50% of the businesses that do not involve digital technologies will shut down.

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