'Semiconductor is new oil, this is India’s moment,' says Vedanta boss Anil Agarwal

A day after Vedanta Group signed a memorandum of understanding (Mo) with the government of Gujarat for setting up a silicon and display fab, Chairman Anil Agarwal shared that the group has been working on the semiconductor project for the last 10 years, and are finally one step closer to becoming India’s own Silicon Valley.

In a post on Linkedin, Agarwal said semiconductors are truly the new oil of our fast-moving digital economy. And soon, India will be able to afford them at half the price. 

“A lot of you may already know what semiconductors are. I like to think of them as the brain of our electronics. They are present everywhere - in your TVs, laptops, automobiles, ACs, and your favourite smartphones. They truly are the new “oil” of our fast-moving digital economy. And soon, you will be able to afford them at half the price!," Agarwal said.

Iterating the importance of semiconductors, Agarwal also stated that by producing such tech in the country, India would open the door to millions of indirect jobs.  He wrote, “I want nothing more than to see our youth, especially our women, and their talent shine through the right resources and infrastructure. This movement will soon take our Indians from job seekers to job creators…”

Agarwal said that he believes manufacturing semiconductors in India will also help start-ups and entrepreneurs to use these chips as raw materials to produce their electronics -- bringing down costs and making them affordable for every citizen of our country.

The mining giant Vedanta is making one of the biggest investments in the heart of high-tech India worth Rs 1.54 lakh crore and plans to set up the country's first-ever semiconductor and display glass plant in Gujarat. Agarwal was both nervous and excited, about the signing of the MoU, as his dream was finally coming true.

He also added, “This is India’s moment. We are the land of opportunity, and I invite all youngsters to shoot for the stars…let’s go from being chip takers to chip makers.”

Earlier in February this year, Vedanta had entered into a joint venture with Foxconn and had applied for the government of India’s semiconductor manufacturing scheme. Vedanta holds 60 per cent of the equity in the JV, while Foxconn will own 40 per cent. The JV will look at setting up a semiconductor manufacturing plant in the next two years.

Also read: Anil Agarwal-led Vedanta Group to set up semiconductor manufacturing plant in Gujarat

Also read: How Maharashtra lost out, once again, in its bid to become a semiconductor manufacturing hub