Companies across the globe have been starved for semiconductors chips — which go into computers, smartphones cars, aircraft, medical equipment, military systems and many other gadgets we use in daily life. The Indian government wants to start manufacturing the chips here at home to avoid reliance on imports and also be in a position to export later.

Indian industrialist and chairman and founder of Adani Group, Gautam Adani, echoed this while addressing the US-India Business Council (USIBC) summit on Wednesday and sought US help in the endeavour.

"We live in a world where chips are essential for everyone. India is the biggest global pool of talent, but yet has no semiconductor plant. India cannot remain dependent on global supply chains," he said while addressing the gathering after receiving USIBC Global Leadership Award.

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Adani said that the global supply chains are subject to semiconductor nationalism India will need US support to get self-reliant in this regard.

The global semiconductor industry is expected to grow by over $600 billion for the first time ever. This comes after the industry went through a global shortage in the last two years and faced a loss of more than $500 billion.

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India's semiconductor market, pegged at $119 billion in 2021, will grow at a compounded annual rate of 19 percent to $300 billion by 2026, a joint study by the Indian Electronics and Semiconductor Association (IESA) and Counterpoint Research claims.

Adani on climate change

Adani said that India and US have to show joint progress in strategic areas like climate change and that developed nations should help developing nations more in this.

He said that the Adani group has committed $70 billion to sustainability and their three Giga factories in India will have an integrated wind energy value chain.

(Edited by : Abhishek Jha)