New Delhi, Sep 11 (IANS): India has set a benchmark for the world when it comes to fast approving and kicking-off construction on new semiconductor plants in the country which is a strong indicator of the success of Prime Minister Narendra Modi’s vision, Union Railways and Electronics and IT Minister, Ashwini Vaishnaw, said on Wednesday.

Speaking at the mega ‘Semicon India 2024’ event in Greater Noida in the presence of key industry stakeholders, Minister Vaishnaw said the construction on two semiconductor units has already started (Micron in Gujarat and Assam chip plant by Tata Electronics) and the construction work will soon commence on the three more units.

“This is a great example of ease of doing business as all the permissions for chip units happened in a record time frame, which is a benchmark for the rest of the world,” the Minister noted.

The Minister said it is encouraging to see chief executive officers (CEOs) and executives from several semiconductor verticals -- fabrication, equipment manufacturing, ATMP, advanced materials testing equipment design companies and software companies -- which is vital for the development of a robust semiconductor ecosystem.

All the initiatives taken so far, whether it is the Digital India Mission or the telecom mission, have brought technology into the hands of common citizens, said the minister.

“The growth of the semiconductor industry in our country will further boost PM Modi’s vision. Semiconductor is a foundational industry. Chips manufactured in the semiconductor industry are used in medical instruments, mobile phones, laptops, cars, trucks, trains, televisions and practically every device,” said Ashwini Vaishnaw.

Currently, there are five semiconductor manufacturing proposals, with a total combined investment nearing Rs 1.52 lakh crore.

More than 250 companies from 24 countries are participating in the ‘Semicon India 2024’ event in Greater Noida from September 11-13, showing the country’s growing presence in this critical sector.