The global semiconductor shortage continues to impact companies across the world even as waiting period has reportedly reduced from what it was in 2021.

But the ongoing crisis has proven to be a big lesson for countries heavily dependent on imports. US Commerce Secretary Gina Raimondo has called the semiconductor shortage a major national security issue and has urged the Congress to move fast on the 'Chips for America Act'.

The United States is wanting to regain its market share in global semiconductor market which fell from 37 percent in 1990 to 12 percent currently. The bill promises incentives for semiconductor manufacturers in the US, and reduce USA's dependence on foreign-produced chips.

The Indian semiconductor market was valued at USD 27,154 million in 2021 and is expected to grow at a 16 percent CAGR from 2019 to 2026.

To discuss the road ahead for Indian semiconductor market, CNBC-TV18 spoke to K Krishna Moorthy, President of the India Electronics & Semiconductor Association.

Watch video for more.