The next emerging market is semiconductor manufacture done domestically: Secy MeitY

A top MeitY executive stated on Wednesday that a USD 2 billion digital economy is what India truly needs, and that domestic semiconductor manufacture is the next big thing. Many firms are likely to enter this market.

Speaking remotely at the India Digital Summit (IDS) 2024, S Krishnan, Secretary of the Ministry of Electronics & Information Technology (MeitY), predicted that the digital economy will expand more quickly in the next few years.

"The other major area is Semiconductors. More businesses are probably going to enter this market. Our interest in semiconductors is open," he stated, adding that the nation is anticipated to see a significant increase in the next five to 10 years in the manufacture of semiconductors.

The country's electronics manufacturing industry employs roughly 20 lakh people, and the government wants this number to rise to about 45 lakh.

According to Krishnan "Over the next few years, we anticipate that the digital economy will expand significantly at an accelerating rate. India truly needs a digital economy of USD 2 billion, 

In response to inquiries on legal compliance, governance, and hygiene for digital economies, Krishnan said that authorities and the general public both understood the need for regulation.

Regulations are carefully reviewed to guarantee user information privacy while striking a balance between various obligations and consumer protection, he added.

Continuing his remarks, he underscored the critical importance of ongoing collaboration and cooperation among various authorities within the technology sector. He emphasized that such persistent collaboration is indispensable for fostering innovation, promoting regulatory harmonization, and effectively addressing emerging challenges in the rapidly evolving digital landscape.

This recognition of the need for sustained coordination reflects the government's proactive approach towards creating an ecosystem that encourages cross-sectoral partnerships and synergies, ultimately driving the continued growth and development of the tech industry within the Digital India framework.

Krishnan also emphasized the need to have constant communication with businesses about different IT-related issues, and he said that developing rules to guarantee compliance is the second crucial element.

He stated that work was underway to augment it with supplementary components. According to him, the ministry is looking into methods to handle a big problem with ideas and their comprehension in situations where there are many kinds of control.

Regarding the planned law for Digital India, the official mentioned that efforts were actively being made to enhance it by incorporating additional components. He emphasized that the ministry was diligently exploring various approaches to address a significant challenge related to the interpretation and comprehension of ideas, particularly in contexts characterized by diverse forms of control.

This underscores the government's commitment to ensuring the effectiveness and adaptability of the Digital India initiative amidst evolving technological landscapes and regulatory frameworks.

According to Krishnan, some of these restrictions periodically cause problems, underscoring the necessity for regulation.

According to the MeitY Secretary, this will be a major area of emphasis for the Cybersecurity strategy.