Piyush Goyal Invites Kansai Firms to Invest in India’s Semiconductor Sector

Union Minister for Commerce and Industry, Piyush Goyal, has extended an invitation to Japanese firms, particularly those based in the Kansai region, to invest in India’s rapidly expanding semiconductor industry during an Investors and Business Roadshow held in Osaka.

In his address, Goyal noted that India’s inaugural Semiconductor Mission had initially allocated USD 10 billion, which, when combined with support from state governments, successfully attracted USD 20 billion in investments into the semiconductor sector. Building on this momentum, the government has now introduced Semiconductor India Mission 2.0, featuring a budget of USD 15 billion. The minister expressed optimism that, alongside matching incentives from state governments, this initiative could catalyse up to USD 50 billion in new investments.

Goyal highlighted the surging demand for semiconductors within India, projecting the nation’s annual semiconductor consumption to reach USD 150 billion over the next five years. He characterised this growing market as a significant opportunity to foster innovation and domestic manufacturing.

In addition to semiconductor investments, Goyal unveiled a people-mobility initiative, communicated by Prime Minister Takaichi of Japan, who expressed eagerness to accept 300,000 Indian professionals across various industries to bolster Japan’s economy. He proposed collaboration with companies from the Kansai region to provide training for these workers in Japanese cultural practices, work ethics, and language skills before their deployment in Japan.

Goyal encouraged leaders from Kansai’s industrial sector to engage more actively with India through investments and collaboration. He proposed joint exhibitions, industry dialogues, and exchange seminars as platforms for deeper engagement between Japanese and Indian companies.

The minister also identified food processing as a sector ripe for partnership. He stated that India could benefit from Japanese standards to enhance the quality of its processed food, while Japanese enterprises could view India as both a valuable market and a technological collaborator.

On the maritime front, Goyal pointed to India’s significant contingent of nearly 250,000 seafarers currently employed on ships globally. Following discussions with the Mediterranean Shipping Company (MSC), which has committed to establishing a large-scale seafarer training academy in Mumbai, Goyal urged Japanese shipping companies and training institutions to consider similar collaborative ventures. He mentioned that MSC has shown a capacity to absorb Indian workers, reflecting a substantial global demand for skilled seafarers, whom he described as hardworking and talented.

Goyal articulated that collaborations in sectors such as semiconductors, human resources, food processing, and maritime training present “significant opportunities” for Japanese firms to integrate into India’s economic growth narrative.

This proactive approach aims to forge stronger economic ties between India and Japan, capitalising on mutual benefits in various industries. The discussions suggest a concerted effort to create a synergy between the two nations, tapping into India’s burgeoning market potential while advancing Japan’s economic goals.

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