The government is pledged to support establishing the semiconductor industry in the country which will also help in reducing foreign exchange outflows, Union minister Piyush Goyal said. The Commerce and Industry Minister's remarks come days after Tata Group announced its intention to enter the semiconductor segment, amid significant shortage of semiconductors worldwide that has also started impacting various industries.

The Union minister Goyal said creating the semiconductor industry and strengthening the shipping industry will help push the 'Aatmanirbhar' or self-reliance initiative of the government. "There is a worldwide shortage of semiconductors and the government is very much focused on bringing the semiconductor industry to India.

The government is committed to supporting both these sectors," he said, specifying that the other sector to be supported is the shipping industry. Last week, Tata Sons Chairman N Chandrasekaran announced that the conglomerate is mulling manufacturing the critical components in the semiconductor industry. The group's auto business is itself facing a shortage of semiconductors. On Thursday, Goyal also hoped that "large corporates" will be taking interest in the shipping industry, which will give the right impetus to the crucial sector for the country's foreign trade.

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