New Delhi, Sep 10 : More than 250 companies from 24 countries are set to participate in the 'Semicon India 2024' event in Greater Noida from September 11-13, showing the country's growing presence in this critical sector, the government has said.

According to the Ministry of Electronics and IT, these companies span the entire semiconductor supply chain, from equipment manufacturers to fabs, presenting a significant opportunity for business-to-business interaction and forging new partnerships.

Akash Tripathi, CEO of the Indian Semiconductor Mission (ISM) said the mega event will provide a platform for all major semiconductor supply chain players.

'In India, with the ongoing construction of the five semiconductor projects, the need for all ecosystem components is paramount. 'Semicon India 2024' provides the perfect environment for the business-to-business interactions and partnerships to take place," Tripathi noted.

Recognising the need for a robust and comprehensive policy framework, India has developed policies to support every segment of the semiconductor ecosystem, not just focusing on fabs but also including packaging, display wires, OSATs, sensors and more.

'Our first major project with Micron was approved at nearly Rs 22,000 crore, and Tata's joint venture with Taiwan's Powerchip in Dholera is another shining example," Tripathi said.

Currently, there are five such proposals, with a total combined investment nearing Rs 1.52 lakh crore.

Ajit Manocha, President and CEO of SEMI, underscored India's unique advantages in becoming a global semiconductor powerhouse, highlighting the country's strong foundation in design capacity, a large talent pool, and the backing of world-class educational institutions as key factors positioning the country for success in the semiconductor sector.

Meanwhile, the US has announced a new partnership with India to explore semiconductor supply chain opportunities, which will include a 'comprehensive assessment' of India's existing semiconductor ecosystem, regulatory framework, workforce and infrastructure needs.

That will serve as the 'basis for potential future joint initiatives' to strengthen and grow this critical sector.

Last week, India signed a semiconductor ecosystem partnership with Singapore during Prime Minister Narendra Modi's visit.

/IANS