India on its way to become fifth-largest electronics manufacturing hub, says Vedanta chief Anil Agarwal

New Delhi: Vedanta Chairman Anil Agarwal on Tuesday said that India is well on its way to becoming the fifth leading country which manufactures semiconductors and glass displays and also highlighted the importance of the electronics manufacturing value chain.

“I am inspired by Hon’ble @PMOIndia’s vision and plan to set up both semiconductor and display fab units beginning this year. The dream is to build our own Silicon Valley,” Agarwal said in a series of tweets on Tuesday.

He pointed out that at present only four countries manufacture semiconductors and glass displays while India is in a leading position to become the fifth country after the Union government announced policies in both sectors.

The Vedanta chief also praised the country’s Unified Payments Interface (UPI) model and said that the payment mode is one of the best in the world.

“Our UPI is the best in the world. Now, we must lead on the hardware side too. Building a strong base in the electronics manufacturing value chain is very important,” Agarwal tweeted.

According to media reports, the Vedanta-Foxconn joint venture’s $20 billion proposal in Gujarat is likely to be the first to secure government approval, while the other two in the running, submitted by the International Semiconductor Consortium (ISMC) and Singapore’s IGSS Ventures, are being considered, with the Singapore-based firm almost out of the reckoning.

In December last year, India approved a $10 billion incentive plan to woo global semiconductor and display manufacturers, as part of a thrust to establish the country as a global electronics production hub.

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