ASIA BUSINESS OUTLOOK9DECEMBERNEWSROOMINDIA'S MEDTECH SECTOR SEEN RISING IN LIGHT OF CHINA+1 MOVEMENTJapanese companies are eager to establish semiconductor facilities in India and possess the necessary expertise and specialization to collaborate with local firms. It also mentioned that a skilled workforce, funding, and ongoing support measures are essential for boosting the growth of India's semiconductor industry.Shingo Kamaya, Deloitte AP and SRT Leader at Deloitte Japan, stated that Japanese companies are "extremely eager" about India.In July, Japan joined the US as the second Quad partner to sign a pact with India for collaboratively developing the semiconductor ecosystem and ensuring the resilience of its global supply chain. Japan, boasting nearly 100 semiconductor production facilities, ranks among the top five nations with a semiconductor ecosystem. Japan is home to companies that are worldwide leaders in the raw forms of semiconductor wafers, chemicals and gases, lenses utilized in chip manufacturing equipment, as well as display technologies. India aims to establish 10 semiconductor manufacturing facilities within a decade."Given the technology, given the specialization, there is no better partner to get on to developing such an ambitious and a critical ecosystem of semiconductor than Japan," Rohit Berry, President - Strategy, Risk and Transactions, Deloitte India, said.He said that the semiconductor story in the country is not just about setting up one factory, but it is about that entire ecosystem. India's medical technology industry is expected to touch exports of up to USD 20 billion by 2030, but the sector needs more government incentives and further ease of doing business to accelerate overseas shipments, industry body CII said on Friday.The production-linked incentive (PLI) scheme for the medical technology sector currently available for select medical devices needs to be extended across products, while export incentives to 'reimburse hidden costs' need to be provided to manufacturers, CII Chairman National Medical Technology Forum Himanshu Baid told reporters her"Today, we are importing almost 60 to 70 percent of our medical equipment which are needed in the country. Whereas, our manufacturing is still very low as around 30 percent is only manufactured in the country. Our imports are far exceeding our exports. Our imports are almost USD 8 billion and our exports are close to USD 4 billion," he said.However, Baid said, India has the best potential to grow this industry to the next level, taking advantage of the world adopting the 'China plus one' strategy to reduce import dependence on one particular country.India is very well poised to take advantage of it on the back of the talent it has in terms of software, hardware and low-cost of labour as compared to China. JAPANESE FIRMS EYE SEMICONDUCTOR PARTNERSHIPS IN INDIA
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