Government aims to make Karnataka hub for next breed of fabless startups to thrive: Minister

Karnataka Minister for Electronics, Information Technology and Biotechnology C N Ashwath Narayan on Thursday said the government aims to make the state the hub around which the next breed of Indian fabless startups can thrive.

He said it also aims to propel the Electronics System Design & Manufacturing (ESDM) sector and support innovative domestic companies.

See Zee Business Live TV Streaming Below:

"ESDM sector in India, which is predicted to expand at a 16.1 per cent CAGR, presents a golden opportunity for Industries to Make In India for the world and fulfill the Atma Nirbhar Bharat initiatives," Narayan said.

Speaking on the topic 'India's Accelerated ESDM Growth - The Defining Decade' in the 16th edition of Indian Electronics & Semiconductor Association (IESA) Vision Summit- 2021 virtually, he said, "ESDM sector in the country which is predicted to reach USD 220 billion by 2025 has the potential to create 1,000 start-ups, 10,000 IPs (Intellectual Properties), and 10 lakh jobs."

Electronics production has the potential to generate around 1 crore jobs by 2050. Numerous domains and sectors in India such as Agritech, Medical devices, telemedicine, Industry 4.0, Consumer electronics, Space & Defense are dependent on the way Indian Electronics Industry flourishes, according to him.

Noting that the electronics market size in India is over USD 300 billion and the country's share in the global electronics manufacturing consistently growing since in 2012, Narayan said though currently India has more than 100 Semiconductor Design services companies offering semiconductor design to its global customers, it needs to go still further to become self-sufficient in designing and manufacturing semiconductors.

Citing the Centre's policy initiatives while expressing confidence that there will be a thrust for manufacturing of silicon and compound semiconductor chips in the country, he said the state with the intention of creating a suitable ecosystem has sector-specific policies including Engineering R& D policy, KDEM, Beyond Bengaluru, among others.