Domestic manufacturing of semiconductors is the next big space: MeitY Secretary
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Secretary of Ministry of Electronics & Information Technology (MeitY) S Krishnan has said that domestic manufacturing of semiconductors is the next big space and many companies are expected to venture into this segment. He said that a $2 billion digital economy is what India seriously needs. He also said that the digital economy is expected to grow at a faster pace in the next few years. He noted that about 20 lakh people are employed in the electronics manufacturing sector in the country and the government would like these jobs to go up to about 45 lakh.
Talking about governance, hygiene and compliance with law for digital economies, the Secretary pointed out that regulators, much like the public, recognized the necessity of regulation. While balancing consumer protection and diverse requirements, regulations are thoroughly examined to ensure safeguarding of user information. In the tech sphere, consistent collaboration among regulators was crucial. He stated that similarly, maintaining ongoing dialogue with companies on various IT aspects is essential, and added that the second key aspect involves formulating regulations to ensure compliance.
On the proposed Digital India legislation, he said efforts were being made to enhance it with additional elements. The ministry is exploring ways to address a significant issue related to the idea and understanding of ideas, where different forms of control are in place. Some of these controls occasionally generate issues, emphasizing the need for regulation. This will be a key focus in the approach to cybersecurity.
