June 10th 2024.
India is embarking on an ambitious journey in the semiconductor industry, and it's estimated that by 2027, the country will need 2.5-3 lakh skilled professionals in areas like Research and Development, design, manufacturing, and advanced packaging. This was revealed in a report published on Monday.
The report, which was prepared by TeamLease Degree Apprenticeship, highlights the country's key position in the global semiconductor manufacturing space. This has been made possible through various de-risking initiatives taken by leading electronic manufacturers, combined with targeted government initiatives and India's vast pool of talented individuals.
With the industry expected to reach a whopping $100 billion mark by 2030, it's also predicted to create about 1 million global jobs by 2025-2026. This aligns perfectly with India's broader economic and industrial growth objectives.
In order to address the skill shortages at various levels of entry-level work, the Electronics Sector Skill Council is currently offering over 35 apprenticeship courses under the National Apprenticeship Promotion Scheme. To further bridge this gap, TeamLease Degree Apprenticeship is actively collaborating with academia, government bodies, and industry leaders.
Ramesh Alluri Reddy, the CEO of TeamLease Degree Apprenticeship, stressed the need to increase employment in India, especially with the recent $15 billion investment in three semiconductor plants. This investment is a result of the India Semiconductor Mission and the Production Linked Incentive scheme.
According to Reddy, the advancements in AI-driven technologies are pushing India towards higher-value activities in the semiconductor industry. This has created a demand for professionals skilled in artificial intelligence, Internet of Things, and 5G. To meet this demand, it's crucial to build an ecosystem for higher value creation activities and cultivate a competent workforce through degree apprenticeships and training programmes, as mentioned in the report.
Notably, the Production Linked Incentive scheme offers a $1.7 billion incentive package for companies looking to establish semiconductor manufacturing facilities in India. This is a significant opportunity for the country to establish itself as a major player in the industry.
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