P Raja Manickam, founder and CEO of iVP Semi, has revealed plans to collaborate with local industrialists and the govt to establish a semiconductor wafer fabrication facility in Coimbatore.

How this affects you

This announcement signifies a strategic shift for India towards becoming a key player in the global semiconductor market, which is projected to reach one trillion dollars. It aims to reduce India's reliance on imported semiconductors and create new high-tech manufacturing jobs, bolstering national economic self-reliance and technological advancement.