India fastest growing economy, inflation under control: Ashwini Vaishnaw
Highlighting India's economic strength, Union Minister Ashwini Vaishnaw has said that the country remains the fastest-growing large economy while keeping inflation under control. He projected a steady growth economic growth of 6 to 8 per cent in upcoming years owing to government policies that prioritize the welfare of lower-income and middle-income families including the major tax relief given this year for annual income up to Rs 12 lakh.
Recently, Vaishnaw informed about a major investment of over Rs 10000 crore in India from Lam Research, a US-based semiconductor services company. The investment is expected to add significant boost to India's semiconductor ambitions, which aims to build a sustainable semiconductor and display ecosystem in the country. The government has approved five projects under Indian Semiconductor Mission, with an outlay of Rs 76000 crore.
The Indian semiconductor market is estimated to grow to $103.4 billion by 2030, driving the electronics market to grow to $400 billion. The government's targeted incentives for fabrication facilities and outsourced semiconductor assembly and testing increased R & D investments, and collaborative industry initiatives are key to propelling India's semiconductor sector forward.
