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Solar installations: How long will boom last?


Henning Wicht.

Henning Wicht.

Dr. Henning Wicht, senior director and principal analyst, PV, IHS iSuppli Corp., presented a paper at PV Taiwan 2011. Let’s take a look at how long is the boom in solar installations likely to last!

According to Dr. Wicht, the solar market is forecasted to reach 21.9 GW in 2011. In 2011, global installations will record again and reach 21.9 GW. Germany and Italy will remain the leading markets. The USA and China are growing strongly. Worldwide PV installation forecast, updated May 20, 2011 is currently at around 25 percent. It will then likely dip to -10 percent in 2012, before finally moving up to 32-33 percent in 2015. The upside potential of 6.5 GW in 2012 may result in 27 GW of installations.

Installations in 2012 are forecasted at 20.5 GW (-11 percent). However, historically the photovoltaic market never declined. Even in 2009, the most challenging year, the market grew by 33 percent. Can it repeat again?

In that case, what’s the situation in the world right now?

He replied: “In China, the support of domestic supplier industry will be the driver, while there will be expansion of solar subsidy programs. The forecast for 2012 is 2.4GW and the upside potential for 2012 is 1 GW. Germany will see pro REE politics. There will be re-opening of the ground installation market segment; and lifting of installation target to 5 GW, the upper edge of the target corridor. The 2012 forecast is 5 GW and the upside potential for 2012 is 1 GW. Italy will also see pro REE politics. There will likely be a target corridor of 2-3 GW. The 2012 forecast is 2.5 GW and the upside potential is 2 GW.”

Also, Japan will see pro REE politics. There will be an expansion of solar subsidy programs. The 2012 forecast is 1.6 GW and the upside potential is 1 GW. The rest of the world (RoW) will see an enhanced support of REE at the expense of nuclear energy. There will also be implementation of incentives and funding for solar. The 2012 forecast is 9 GW and the upside potential is 1.5 GW. In total, the realistic upside potential (50 percent) is estimated at 24 GW for 2012, and the total upside potential is estimated at 27 GW.

“Now, if we re-look at the global PV installation forecast, it is likely to be 21.9 GW in 2011, 24.17 GW in 2012, 28.23 GW in 2013, 32.3 GW in 2014 and 43.05 GW in 2015. In 2011, the installations in Europe will reach 63 percent, but will decrease to 33 percent in 2015.”

Let’s have a look at the emerging  solar/PV market situation at the moment. According to Wicht, the solar emerging markets in 2014 include: Americas at 1,300 MW, Europe/Middle East at 2,150 MW, Africa at 950 MW, Asia 3,440 MW and Australia 775 MW.

So, where are prices going for modules, cells, wafers and poly? He said: “First, module prices will not stop falling. At the end of Q3 2011, modules are offered at 0.8€/W (factory gate). The residential systems are priced at 2.0€/W in Germany.”

The year end 2011 forecast, as of July 2011 shows the silicon (spot) price at $50-55/kg, wafer at $0.54/Wp (multi), cell at $0.80/Wp (for tier 2 players) and module at EUR 0.85/Wp (multi, top 10 players). The year end 2011 forecast, as of Sept. 2011 will show silicon (spot) price at $48-55/kg, wafer at $0.43~0.48/Wp (multi), cell at $0.72/Wp (for tier 2 players) and module: at EUR 0.80/Wp (top 10 players). Currently, the most profitable segments of the value chain lies at the tail ends in polysilicon and in the balance of system/inverter. Read more…

2011 sales estimate could vary between $303.8 billion and $311.9 billion: Cowan LRA model

October 20, 2011 4 comments

This is a continuation of my coverage of the fortunes of the global semiconductor industry. I would like to acknowledge and thank Mike Cowan, an independent semiconductor analyst and developer of the Cowan LRA model, who has provided me the latest numbers.

It’s that time of the month again; namely, time for an advanced showing of next month’s global semiconductor sales forecast updates for both 2011 and 2012 as gleamed from September’s “actual” sales expectation range by exercising the “look ahead” forecasting capability of the Cowan LRA forecast model.

September’s upcoming global semiconductor sales result should, therefore, be instrumental in determining the sales growth expectation not only for the third quarter of 2011 but also for the full year of 2011. In particular, one can ascertain whether 2011 will exhibit positive yearly sales growth for the industry or will it turn negative as a number of market researchers have recently forecasted based upon downward third quarter sales guidance recently announced by many semiconductor suppliers?

Therefore, presented here is a “snap shot” of 2011′s global semiconductor sales and sales growth forecast prospects as a function of September’s “actual” sales forecast estimate range as derived via the Cowan LRA forecasting model. Moreover, the model has been extended in order to include a view of what 2012’s sales growth prospects might look like, thereby, providing a six quarter look ahead horizon that allows the model to also capture the four quarters of 2012.

It should be mentioned that September 2011′s “actual” global semiconductor sales number is scheduled to be released by the WSTS via its monthly HBR (Historical Billings Report) on or about Friday, November 4th.

Source: Cowan LRA model.

Source: Cowan LRA model.

In advance of the WSTS’s release of its September HBR, here is the monthly outlook analysis leveraging the Cowan LRA forecasting model, which projects worldwide semiconductor sales for 2011 (as well as 2012); namely, by providing a “look ahead” scenario for year 2011′s sales forecast range as a function of next month’s (in this case September’s) assumed range of “actual” global semiconductor sales estimates.

The output of this “look ahead” modelling analysis is detailed in the scenario analysis matrix displayed in the table.

In order to facilitate the determination of these “look ahead” forecast numbers, an extended range in assumed Sept. 2011′s “actual” sales is selected a-priori. In this month’s scenario analysis outlook, a Sept. 2011 sales range from a low of $27.028 billion to a high of $33.028 billion, in increments of $0.250 billion, is pre-selected as listed in the first column of the table. Read more…

Global semiconductor sales forecast estimates fall: Cowan LRA model

October 9, 2011 1 comment

This is a continuation of my coverage of the fortunes of the global semiconductor industry. I would like to acknowledge and thank Mike Cowan, an independent semiconductor analyst and developer of the Cowan LRA model, who has provided me the latest numbers.

The WSTS posted August 2011′s HBR (Historical Billings Report) on its website on Monday, October 4th, 2011, thereby allowing the calculation of the monthly update of the latest global semiconductor sales forecast estimates for 2011 and 2012 via exercising the Cowan LRA forecasting model reflecting August 2011′s monthly sales including any revisions to previous months’ reported sales numbers. According to the WSTS’s August HBR, August’s actual global semiconductor sales came in at $24.216 billion with a corresponding August 3MMA sales of $25.033 billion.

Source: Cowan LRA model, USA.

Source: Cowan LRA model, USA.

It should be highlighted that none of the previous seven months (January through July) experienced any sales revisions from last month’s published HBR. Thus, the total YTD cumulative sales through August totaled $198.271 billion.

This represents a 2011 YTD sales growth of 2.2 percent compared to the same time period in 2010 when August 2010′s YTD sales were $193.976 billion. This continues a downward trend in the month-to-month 2011 YTD sales growth numbers since the beginning of the year as shown in the table here.

The Cowan LRA model’s sales forecast estimates for the month of August as determined by last month’s model run were $26.177 billion (actual) and $25.686 billion (3MMA), respectively. Consequently, the model’s August MI (Momentum Indicator) came in at minus 7.5 percent, which “degraded” from last month’s MI of minus 3.7 percent.

Source: Cowan LRA model.

Source: Cowan LRA model.

This indicates (mathematically speaking) that the semiconductor industry’s August actual sales came in much lower than the model’s previous month’s forecasted expectation by $1.961 billion. This implies that 2011′s sales growth could continue to trend downward for the rest of this year relative to this month’s sales growth expectation of 3.9 percent as discussed here.

The key take-aways from comparing the latest forecast estimates vs. the previous month’s projections (as displayed in the table) are highlighted here:

* 2011′s updated global semiconductor sales forecast estimate fell by $3.219 billion to $309.998 billion (from last month’s sales forecast estimate of $313.217).
* Correspondingly, 2011′s sales growth forecast estimate dropped by 1.1 percentage points to 3.9 percent (from last month’s 5.0 percent sales growth forecast estimate).
* September 2011′s actual sales forecast expectation is $31.528 billion, which corresponds to a September 3MMA sales estimate of $26.413 billion assuming no (or very minor) sales revisions to either July or August’s published actual sales compared to August’s just published HBR by the WSTS.
* 2012′s global semicon sales forecast estimate fell by $3.817 billion to $335.627 billion (from last month’s sales forecast estimate of $339.443 billion).
* Correspondingly, 2012′s sales growth forecast estimate dropped by 0.1 percentage points to 8.3 percent (from last month’s 8.4 percent sales growth forecast estimate).

Next month’s Cowan LRA model’s forecast update, which will reflect September 2011′s actual global semiconductor sales, is expected to be available on or about Tuesday, Nov. 8th, 2011 following the posting of the Sept. HBR on the WSTS’s website.

Global semiconductor sales expectation for 2011 and 2012


This is a continuation of my coverage of the fortunes of the global semiconductor industry. I would like to acknowledge and thank Mike Cowan, an independent semiconductor analyst and developer of the Cowan LRA model, who has provided me the latest numbers.

Various industry watchers most recent 2011 sales growth forecast updates are dropping: from low positive single digits to even lower positive single digits or to low negative single digits. Therefore, the soon to be released WSTS August sales number will be pivotal in pointing directionally to where the 2011 sales growth forecast estimate, as seen by the Cowan LRA model, will end up. Consequently, per the subject the following analysis should assist in providing some insight into next month’s model run update via my monthly look-ahead scenario analysis matrix.

It’s that time of the month again; namely, time for previewing next month’s global semiconductor sales forecast update for both 2011 and 2012 based upon August’s “actual” sales expectation by exercising the “look ahead” forecasting capability of the CowanLRA Model. August’s upcoming global semiconductor sales will be pivotal in determining the sales growth outcome for both the third quarter and the full year of 2011.

In particular, will 2011 exhibit positive yearly sales growth for the industry or will it turn negative as a number of market researchers have recently forecasted based upon downward third quarter guidance being announced by many semiconductor suppliers?

Presented here is a “snap shot” of 2011′s global semiconductor sales and sales growth forecast prospects as a function of August’s “actual” sales forecast estimate range as derived via the Cowan LRA forecast model. Moreover, as part of this month’s update, the model has been extended in order to include a view of what 2012’s sales growth prospects might look like, thereby providing a six-quarter look ahead that allows the model to also capture the four quarters of 2012.

Table 1: Source - Cowan LRA model.

Table 1: Source - Cowan LRA model.

It should be mentioned that August 2011′s “actual” global semiconductor sales number is scheduled to be released by the WSTS via its monthly HBR (Historical Billings Report) on or about Wednesday, October 5th.

In advance of the WSTS’s release of its August HBR, Cowan has presented his monthly analysis leveraging the Cowan LRA forecasting model that projects worldwide semiconductor sales for 2011 (as well as 2012); namely, by providing a “look ahead” scenario for year 2011′s sales forecast range as a function of next month’s (in this case August’s) assumed range of “actual” global semiconductor sales estimates.

The output of this “look ahead” modelling analysis is detailed in the scenario analysis matrix displayed in the table here. A discussion of these results is provided in the paragraphs immediately following Table 1 here. Read more…

Global semicon sales forecast: Cowan LRA model

September 8, 2011 1 comment

This is a continuation of my coverage of the fortunes of the global semiconductor industry. I would like to acknowledge and thank Mike Cowan, an independent semiconductor analyst and developer of the Cowan LRA model, who has provided me the latest numbers.

The WSTS posted July 2011′s HBR (Historical Billings Report) on its website last Sunday, September 04, 2011 thereby allowing the monthly update of the latest global semiconductor sales forecast estimates for 2011 and 2012 via exercising the Cowan LRA forecasting model that reflects July 2011′s monthly sales numbers including any sales revisions to previously reported sales results.

According to the WSTS’s July HBR, July’s actual sales came in at $23.495 billion with a corresponding July 3MMA sales at $24.850 billion.

Source: Cowan LRA model.

Source: Cowan LRA model.

It should be highlighted that the previous five months (February through June) experienced varying upward sales revisions from last month’s published HBR, as highlighted in the table here. Thus, the total YTD cumulative sales revision is upward by almost $1.0 billion bringing the YTD sales through July to $174.055 billion. This represents a 2011 YTD sales growth of 3.2 percent compared to the same time period in 2010.

The Cowan LRA model’s sales forecast estimates for July as determined by last month’s model run were $24.410 billion (actual) and$25.007 billion (3MMA), respectively. Consequently, the model’s July MI (Momentum Indicator) came in at minus 3.7 percent which “improved” from last month’s MI of minus 7.9 percent. This indicates (mathematically speaking) that the semiconductor industry’s July actual sales came in lower than the model’s previous month’s forecasted expectation by $0.915 billion and 2011′s sales growth could continue to trend downward for the rest of this year all be it at a slower rate compared to last month’s MI.

Plugging the latest actual sales numbers abstracted from the July HBR into the forecasting model produces the following updated sales and sales growth forecast estimates for the remaining two quarters of 2011 as well as the four quarters of 2012 and full year:

Source: Cowan LRA model.

Source: Cowan LRA model.

The key take-aways from comparing the latest forecast results versus previous month’s forecast numbers (in the above table) are highlighted below:
*  2011′s updated global semicon sales forecast estimate fell marginally by $0.146 billion to $313.217 billion (from last month’s sales forecast estimate of $313.363).
*  Correspondingly, 2011′s sales growth forecast estimate dropped by 0.049 percentage points to 4.995 percent (from last month’s 5.044 percent sales growth forecast estimate).
*  August 2011′s actual sales forecast expectation is $26.177 billion, which corresponds to an August 3MMA sales estimate of $25.686 billion assuming no (or very minor) sales revisions to either June or July’s published actual sales compared to July’s just published HBR by the WSTS.
*  2012′s global semicon sales forecast estimate fell by $4.270 billion to $339.443 billion (from last month’s sales forecast estimate of $343.713).

Fabless fables and all that! Is India listening?

August 15, 2011 1 comment

I received an interesting news alert from the Global Semiconductor Alliance (GSA), formerly, Fabless Semiconductor Association, which spoke about how fabless companies, only, were funded in July 2011. Well, it also led me to this feeling that each time there is any new electronics or related segment being talked about globally, it seems that the Indian semiconductor industry is slowly losing the plot! One surely hopes not!!

May I take your attention back to Pravin Desale’s speech during Mentor Graphics’ U2U conference of December 2009. He had cited some numbers during his speech, borrowing heavily from GSA. According to the GSA Dec. 2008 figures, distribution of fabless IC companies is: Canada 29, USA 606, Europe 151, Israel 61 and Asia 510 — China 222, Taiwan 196, Korea 47, Japan 16, Taiwan 16, Singapore 7, Malaysia 4, and India 2-28 (two fabless companies and 28 design services/IC providers).

Agreed that these numbers should have changed a bit, if not, a lot.

The ISA is born! Oct. 28, 2004, Bangalore, India.

The ISA is born! Oct. 28, 2004, Bangalore, India.

Now, when the India Semiconductor Association (ISA) was formed on Oct. 28, 2004, members at the BangaloreIT.com that November, dwelt upon the need for fabless companies.

Somshankar Das, e4e, had said that for building fabless semiconductor companies in India, the country had a major advantage, as Indian talent was a large part of the global semiconductor industry. Some other advantages in favor of India at that time (Nov. 2004), were: local IC design service firms, who were creators of selective IP as well. Development of smart chips with embedded software was ongoing. Next, the US-funded cross border semiconductor firms were setting up development centers in India. Dr. Bobby Mitra, TI, had cited the need for microelectronics as the national agenda.

Well, where are we today? Why hasn’t the fabless semiconductor industry grown in India?  Just two months ago, I wrote on how, China’s fabless market was set to double by 2015. Is any such movement even happening in India? At least, I am not aware, in case it were!

The establishment of fabless semiconductor companies is one good way to drive the growth of the semiconductor industry in India.

I still have the  photograph of the founding members of the ISA, which is pasted above. The original participants were: Dr. Ananda, Dr. Madhu Atre, S. Uma Mahesh, Rajendra Khare, Dr. Sridhar Mitta, Dr. Anand Anandkumar, V. Veerappan, S. Janakiraman and Dr. Satya Gupta. Today, the ISA only has Dr. Satya Gupta as a representative. One hopes the others have not been left behind in the run of events following the ISA’s formation!

By the way, why am I referring to the original ISA, and fabless companies? Perhaps, there is a very deep significance!

2011 global semicon sales growth likely to trend downward for rest of year?


This is a continuation of my coverage of the fortunes of the global semiconductor industry. I would like to acknowledge and thank Mike Cowan, an independent semiconductor analyst and developer of the Cowan LRA model, who has provided me the latest numbers.

According to the WSTS’s HBR, June’s actual sales came in at $27.110 billion with the corresponding June 3MMA sales at $24.677 billion. It should be mentioned that the previous five months (January through May, respectively), experienced very slight upward sales revisions from last month’s published HBR, as highlighted in the table below:

Source: Cowan LRA model, USA.

Source: Cowan LRA model, USA.

The Cowan LRA model’s sales forecast estimates for June as determined (and shared) last month were $29.435 billion (actual) and $25.445 billion (3MMA), respectively. Thus, the model’s June MI (Momentum Indicator) came in at minus 7.9 percent. This indicates (mathematically speaking) that the semiconductor industry’s June actual sales was much lower than the model’s forecasted expectation by $2.325 billion and that, most probably, 2011′s sales growth will continue to trend downward for the rest of this year.

Plugging the latest actual June sales into the forecasting model yields the following updated sales and sales growth forecast estimates for 2011 and the first two quarters of 2012:

Source: Cowan LRA model, USA.

Source: Cowan LRA model, USA.

The key take-aways from comparing the latest versus previous month’s forecast results (from the above two tables) are highlighted here: Read more…

Global forecast estimates based on WSTS’s May semicon sales: Cowan LRA model


This is a continuation of my coverage of the fortunes of the global semiconductor industry. I would like to acknowledge and thank Mike Cowan, an independent semiconductor analyst and developer of the Cowan LRA model, who has provided me the latest numbers.

The WSTS posted May 2011′s HBR, Historical Billings Report, on its website on Tuesday, July 5th, 2011.

According to the WSTS’s HBR, May’s actual sales came in at $23.494 billion with the corresponding May 3MMA sales at $25.031 billion. It should be noted that two months experienced slight downward sales revisions from last month’s published HBR, namely March (down by $0.147 billion) and April (down by $0.112 billion), respectively.

The Cowan LRA model’s sales forecast estimates for May as published last month were $24.565 billion (actual) and $25.474 billion (3MMA), respectively. Thus, the model’s May MI (Momentum Indicator) came in at minus 4.4 percent.

This indicates (mathematically speaking) that the semiconductor industry’s actual May sales result was much lower than the model’s expectation by $1.071 billion and that, most probably, 2011′s sales growth will be trending downward for the rest of this year.

Plugging the latest actual sales number for May into the model yields the following updated sales and sales growths forecast estimates for 2011:

Global semicon sales monthly update based on Cowan's LRA model.

Global semicon sales monthly update based on Cowan's LRA model.

The key take-aways from comparing the latest versus previous month’s forecast results are highlighted below:
* 2011′s sales forecast estimate fell by $3.937 billion to $318.391 billion (from last month’s sales forecast estimate of $322.328 billion).
* Correspondingly, 2011′s sales growth forecast estimate dropped by 1.3 percentage points to 6.7 percent (from last month’s 8 percent sales growth forecast estimate).
* June 2011′s actual sales forecast expectation is $29.435 billion which corresponds to a June 3MMA sales estimate of $25.445 billion assuming no (or minor) sales revisions for either April or May’s previously published actual sales from last month.

Next month’s forecast update based upon June’s actual sales are expected to be available on or about Friday, Aug 5th, 2011.

“Look ahead” to May 2011′s predicted yearly global semicon sales: Cowan LRA model


This is a continuation of my coverage of the fortunes of the global semiconductor industry. I would like to acknowledge and thank Mike Cowan, an independent semiconductor analyst and developer of the Cowan LRA model, who has provided me the latest numbers.

May 2011′s “actual” global semiconductor sales is scheduled to be released by the WSTS, via its monthly HBR (Historical Billings Report), on or about Tuesday, July 5th.

In anticipatation of the upcoming May sales release by the WSTS, Cowan demonstrated an analysis capability of the Cowan LRA Model for forecasting worldwide semicon sales; namely, the ability to provide a “look ahead” scenario analysis for 2011′s global semicon sales forecast range as a function of next month’s (in this case May’s) “actual” global semiconductor sales estimate.

The detailed results of the “look ahead” analysis are summarized in the scenario analysis matrix provided in the table below. These results are also discussed in the subsequent paragraphs:

2011 May global semicon sales and sales growth scenario matrix: Cowan LRA model.

2011 May global semicon sales and sales growth scenario matrix: Cowan LRA model.

In order to demonstrate this “look ahead” forecast capability, an extended range in possible May 2011′s “actual” sales is selected a-priori; in this particular scenario analysis, a May 2011 sales range (from $23.065 billion to $26.065 billion, in increments of $0.25 billion, was chosen) as listed in the first column of the above table.

This estimated range in possible “actual” May sales numbers is “centered around” the projected May sales forecast estimate of $24.565 billion as gleamed from last month’s Cowan LRA Model run (based upon April’s published “actual” sales numbers). The corresponding May 3MMA sales forecast estimate is projected to be $25.474 billion (NOTE – assumes no, or minor. revisions in either March’s or April’s previously published “actual” sales numbers released last month by the WSTS) .

The overall year 2011 sales forecast estimate for each of the assumed May sales over the pre-selected range of ‘actual’ sales estimates is calculated by the model, and is shown in the second column of the table. The third column reveals the associated year-on-year sales growth estimates compared to year 2010′s actual sales result of $298.315 billion.

The fourth and fifth columns show the corresponding May 3MMA, three Month Moving Average, sales estimates and the corresponding yr-o-yr sales growths relative to May 2010′s 3MMA sales of $24.701 billion, respectively. Finally, the sixth column lists the model’s Momentum Indicator, MI, defined as the percentage delta between the actual May sales result and the previous month’s sales projection for May. Read more…

Where is Indian semiconductor industry headed?


It has been a pretty disappointing year for me, so far, owing to one or another family related problems. I’ve only flattered, to deceive, as one would put it! Not that I’m out of my troubles, but am sure I can ‘play my game as usual’, hopefully, without any further disruptions.

First, I have been closely following the global semiconductor industry, despite my troubles, and there’s really nothing new worth reporting, at least, so far!  Hope the next month and the rest of the year are better! But first, my take on the Indian semiconductor industry, which has now started to disappoint! At least, yours truly!

Last July, I had done a post, where, Len Jelinek, director and chief analyst for semiconductor manufacturing at iSuppli, (now IHS iSuppli) had said to a question on the need for a foundry for the Indian semiconductor industry that: “If there is a foundry built in India, it will have to start at mature technology, which they will have to underprice just to get business. Financially, this makes no sense for any investor, except for the government, which can protect the foundry (their investment) through tariffs.”

It is going to be a year since the remark was made!

This February, at the ISA Vision Summit, one heard  a well known personality voice concern that the manufacturing sector suffers from a confidence deficit. A part of the software successes have been due to a brand developed. He said: “We have the advantage of a great brand, and need to make use of it in the electronics manufacturing sector. The government recognizes the need to convert Indian into a global destination.”

Where is the recognition to help create Indian into a global destination happening? Does it really take so long to develop a semicon policy in the first place? It is strange that perhaps, six and a half years since it was set up (Oct. 30, 2004), the ISA has still not found any takers for a fab in India!

Elsewhere, I mentioned that the latest ISA-Frost report on the status of the Indian semiconductor industry does not sound accurate! I don’t have anything personal against the Indian arms of MNCs, but why are they made even part of the report? I don’t recall seeing a similar report from China or Japan or Taiwan, that does a similar thing!

Where are the Indian semiconductor companies in the first place? One of India’s major semicon firms, the Srini Rajam-led Ittiam Systems, recorded a growth of Rs. 52 crore in 2010, while another significant ODM player, SFO Technologies from Kochi, Kerala, was said to be achieving Rs. 750-800 crore in 2010. What about the other Indian companies? To be accurate: what’s even happening with the Karnataka Semicon Policy? And, don’t some of the other Indian states deserve similar policies?

There are certain things that the Indian semicon industry needs to do, unless it wants to be written out of reckoning in the global context.
1) Focus on the needs of the Indian semicon companies only!
2) Prepare industry reports that highlight the capabilities of Indian semicon firms only; it does not matter how small those firms are! At least, we will have correct reports presenting the right picture.
3) I mentioned 10 points the Indian semicon industry needs to focus on in a post “Long wait for Indian semicon industry?” Perhaps, some, if not all, need to be paid attention to!

I am also told that the ISA president, Ms Poornima Shenoy is leaving, to start a new business. My best wishes to her for a successful career!

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