Sitharaman asks US chip industry to invest in India

FM Nirmala Sitharaman made a special pitch to Silicon Valley and the semiconductor industry to invest in India, while seek a collaboration with the US in financial services and emerging technologies.

Sithraraman also met Uber CEO Dara Khosrowshahi, and he highlighted how the ride-sharing outfit is looking to quadruple the number of drivers on the platform to two million.

At a round table organised by industry chambers, she said financial technology (fintech) represents a unique opportunity for sustainable and inclusive growth.

“With a growth forecast of almost 8% in FY 2023, India is likely to remain the world’s fastest growing major economy over the next few years, driven by the continued expansion of its technology and startup ecosystems,” she told a group CEOs in Silicon Valley.

Sitharaman also met representatives of the semiconductor industry and highlighted opportunities in India as well as the government’s commitment to be a reliable player in the entire value chain with dedicated incentive for thensector in mission mode through the Indian Semiconductor Mission.

Last year, the government had cleared a Rs.76,000crore scheme to boost semiconductor and display manufacturing in the country, in a bid to position India as a global hub for hi-tech production, and attract large chip makers.

During the round table with industry leaders from the semiconductor ecosystem, including design,manufacturing, equipment, technology and systems in San Francisco, the participants informed theFM that they have substantially scaled their capabilities in India in the last few years and are alsocollaborating with academia for R&D.

“The participants also mentioned that in view of global supply chain disruptions, they need to review over-reliance of supply chain in certain jurisdictions and with the right policies and talent in place, next decade will belong to India,” the finance ministry said in a tweet.

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