WILL SUPPORT SETTING UP OF SEMICONDUCTOR INDUSTRY IN INDIA, SAYS GOVT

Commerce and Industry Minister Piyush Goyal on Thursday said the government will support the setting up of the semiconductor industry in India, which will also help reduce foreign exchange outflows. “There are two sectors that we as a nation need to focus on. One is how can we make Indian shipping expand its scope and the business potential of Indian ships, vessels and increase engagement with the shipping industry. Second is the semiconductor industry, as there is a worldwide shortage. The government is committed to supporting both these sectors,” Goyal said. The statement comes days after Tata Group announced its intention to enter the semiconductor business, at a time when there is a significant global shortage of the product. The minister also hoped that large companies will take interest in the shipping industry, which will give the right impetus to the crucial sector for the country's foreign trade.