Goyal Invites Singapore to Invest in Semiconductor Manufacturing in India

Commerce and Industry Minister Piyush Goyal on Thursday invited Singapore’s companies to invest in semiconductor manufacturing in India as the issue is of serious interest to the country. At the FICCI India-Singapore CEO Forum, Goyal said it is a matter of concern that India has to rely on other countries for semiconductors.

“We are extremely keen to have more facilities for chips and wafers and semiconductors because India’s total reliance on other countries for semi-conductors is not advisable. It is a matter of concern for the country,” Goyal said.

Goyal also said that e-commerce, fintech, smart manufacturing and healthcare are significant areas where India offers a large market.

On a lighter note, the minister said that Singapore is “losing a very big opportunity by not bidding in the Air India process”.

Singapore Airlines has reportedly declined to join the Tata Group’s bid for Air India. They have a joint-venture agreement in full-service airline Vistara.

The government is expected to fetch Rs 15,000 crore from the sale of Air India, its subsidiary Air India Express and AISATS - a 50:50 joint venture partnership between Air India and Singapore Airport Terminal Services Limited.