Rise of Semiconductor Industry in India
Governments around the world have increased their chip investments. To promote and support domestic semiconductor manufacturing and research, the US government passed the critical CHIPS Act investments totalling 52 billion dollars. ?
Recently, the Ministry of Electronics and IT (MeitY), Government of India announced an investment of a whopping $10 billion to support semiconductor R&D in India, along with the capital and incentives to manufacturing as well as the DLI scheme for the Fabless startups to develop products both for domestic and global markets.?
Recent Developments in Semiconductor Industry in India??
In the last few years, India has made tremendous progress in the semiconductor Industry. Every top semiconductor company in the world has a design centre in India. Our country has around 120,000 chip design engineers, comprising about 20% of the world’s chip design workforce. As a hub for semiconductor design India designs nearly 2000 chips every year, with more than 20000 engineers working in various aspects of chip design and verification. ?
The Indian government has tweaked the incentive of Rs. 76,000 crores under the Production-linked Incentive (PLI) plan for producing semiconductors and displays. The new policy offers 50% of the project cost across all categories to pursue global players. The plan will not only deliver semiconductor companies much-needed financial support but will also generate thousands of indirect and specialized job opportunities.?
The government revealed a “Semicon India program” to assist in resolving the global chip problem. The program encourages manufacturers to construct their semiconductor industry setups. ?
In addition to these developments, there are several promising funds coming in from some of India’s leading industrial giants. Some of them are- ?
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According to the Ministry of Electronics and Information Technology, the Indian semiconductor market will reach $63 billion by 2026, which is four times its current size.??
Career Prospects for Engineers in Semiconductor Industry??
The recent announcement of the $10 billion India Semiconductor Mission (ISM) by the government is a statement of intent to gain a foothold in the $533 billion semiconductor market.?
India is focused on investing heavily in the semiconductor manufacturing industry, giving rise to the need for material science engineers, chemical engineers and applied physics. The semiconductor industry offers excellent salaries for engineers looking to work in core areas of semiconductor development. Some of the commonly demanding jobs in the industry are- ?
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Workforce Challenges Faced by the Semiconductor industry ?
Semiconductor recruitment is tough as it requires a workforce with specialized IT and engineering skills such as Communication & network experts, Chip & Circuit designers, Testing Engineers, Technology specific engineers and developers.?
Be it a small scaled semiconductor company or a major player in the industry, one of the biggest hurdles faced by the semiconductor industry is the lack of an adequate workforce with the necessary skills. ?
Some of the problems faced by semiconductor companies in terms of the workforce are Acquisition, Weak retention and Low organizational health?
The Need for Partnering With Recruitment & Staffing Agencies ?
Specialized recruitment & staffing companies like Alp, that have the experience and expertise in handling the semiconductor hiring process efficiently provide clients with the necessary workforce comprising of technically sound engineers for better growth of the organization.?
Staffing specialists engage with potential recruits, facilitate dialogue, and ensure that rewards match both individual skill sets and competitor metrics. These dimensions are crucial for companies in gauging their progress in the journey of an employee’s lifecycle and benchmarking their performance against the best practices. ?
Benefits of partnering with the right staffing industry?
Provision of an adjustable workforce - Provide your organization with talented tech professionals to meet a wide range of needs. The workforce can be downsized or upsized as required by the client depending on specific projects.?
Quality network - As a staffing industry would have worked in the same lines and domain for a long time, they have access to a broad network and connections with strong reach to qualified professionals.?
Cost-effective - Deploying a semiconductor recruitment expert, makes the cost of recruitment and onboarding negligible, compared to timely business goal achievement and flexibility to scale the workforce. ?
Higher efficiency - Recruitment of skilled employees with the help of a business partner company saves the time and energy that needs to be spent on mission-critical tasks like R&D, and brand value creation. ?
Alp has been one of the leading Business Partner Companies, serving renowned organizations for Semiconductor Industry Staffing Solutions for over 20 years with the necessary expertise and deep understanding of the semiconductor business processes to provide critical IT and engineering staffing services.?
Original Source: https://alp.consulting/rise-of-the-semiconductor-industry-in-india/