Asia’s richest man Gautam Adani said India can’t rely on imports for semiconductors and the country needs U.S. help with technology transfer.
“We live in a world where semiconductors are essential to almost all sectors of the economy. The ongoing war has only accelerated this recognition,” the Adani Group chairman said after receiving the USIBC 2022 Global Leadership Award on Wednesday.
“The paradox of capitalism is that India continues to be the best global pool for millions of engineers—especially for the U.S. companies—but the primary value addition to the businesses happens outside India,” Adani said. “Semiconductor industry is a classic example with more engineers deployed in India than anywhere else in the world, and yet, India has no semiconductor plant.”
India cannot remain dependent on global supply chains that are based on “semiconductor nationalism and will need U.S. support with technology transfer”, he said.
The pandemic disrupted global supply chains, causing chip shortage and production cuts. India now seeks to build its own semiconductor hub and the government has offered Rs 76,000-crore production-linked incentives for chipmakers to boost local manufacturing.
Adani also sought more collaboration between India and the U.S. on healthcare, defence and cyber technologies.
He also called up developed nations to support the developing nations on climate change. “Cooling the planet down—equitably—is necessary and can be one of the most profitable businesses over the next several decades. With the signing of the U.S. climate bill into law, both our nations must find a mechanism to benefit from this massive stimulus,” he said. “The governments have done their part, it’s now the job of the businesses to find a way to collaborate.”
The Adani Group has already committed $70 billion to this effort, he said. Bloomberg