Prime Minister Narendra Modi emphasised India’s pivotal role in global semiconductor technology at the Semicon India 2024 summit, urging investors to capitalize on opportunities.
PM Modi said that when chips are down globally, the world can bet on India to provide the groundbreaking semiconductor tech as he addressed experts from the industry at the Semicon India 2024 summit.
Reflecting on India’s growth story, PM Modi called on investors and stakeholders to invest in the country.
He said, “India is the world’s 8th such country where global semiconductor initiative is being initiated, this is the right time to be in India.”
“You are at the right place at the right time. The chips are never down in 21st century India. Today’s India gives the world the affirmation that when the chips are down, you can bet on India,” he added.
PM Modi also discussed the role of technology in shaping both business and India’s future as he asserted that semiconductors will soon be essential for even the most basic needs.
Outlining India’s commitment in playing a significant role in the global semiconductor sector, he said that there are several key areas for development: enhancing social, digital, and physical infrastructure; promoting inclusive growth; easing regulatory burdens; and boosting investment in manufacturing and innovation. India is well-positioned to become a reliable partner in a diversified semiconductor supply chain, he said.
“We are working with a 360 degree approach for semiconductor industry… Every device in the world should have an India-made chip.”
PM Modi also informed that the government is partnering with the Indian Institutes of Technology to “do research on next-gen chips”.
India is now the world’s number 2 producer and exporter of mobile handsets and has the second-largest 5G smartphone market in the world, Modi said during the event.
“Our aim is do 100 percent of electronics manufacturing in India itself – from semiconductor to finished goods.”