Union Minister Ashwini Vaishnaw on Saturday highlighted India's economic strength, stating that the country remains the fastest-growing large economy while keeping inflation under control.

       Speaking at a press conference, he projected a steady growth rate of 6-8 per cent in the coming years and credited Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman with policies that prioritise the welfare of lower--and middle-income families.

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       "We are seeing an economy which is the fastest growing large economy today, and the inflation is under control despite the COVID period. We are in a situation today where we can confidently say that we will continue growing at 6-8 per cent in the coming years while keeping inflation under control," said Vaishnaw.

       "Our Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have always kept the lower and middle-income families at the core of their thinking. Many new programs have come up for lower-income families, and for the middle class, major tax relief was given this year; up to Rs 12 lakhs annually is a big jump from the past," said the Union Minister.

       Earlier on Tuesday, in a significant boost to India's semiconductor ambitions, Union Minister Ashwini Vaishnaw informed about a major investment of over Rs 10,000 crore in India from Lam Research, a US-based semiconductor services company.

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       Vaishnaw said that this move is a big vote of confidence in Prime Minister Narendra Modi's semiconductor vision.

       "One more milestone in our semiconductor journey: Lam Research announces major investment of over Rs 10,000 cr in India. A big vote of confidence in PM @narendramodi Ji's semiconductor vision," he posted on X.

       The investment is part of Lam Research's plans to expand its global chip fabrication equipment supply chain to include India. The company has already signed a memorandum of understanding with the Karnataka government to lease and eventually purchase a land parcel at Whitefield in Bengaluru.

       This development is a significant milestone in India's semiconductor journey, which aims to build a sustainable semiconductor and display ecosystem in the country. The Indian Semiconductor Mission (ISM) has approved five projects under the India Semiconductor Mission, with a total outlay of Rs 76,000 crore.

       The semiconductor market in India is projected to grow to USD 103.4 billion by 2030, powering the over USD 400 billion electronics market.

       The government's targeted incentives for fabrication facilities and outsourced semiconductor assembly and testing increased R & D investments, and collaborative industry initiatives are key to propelling India's semiconductor sector forward.

       (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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