India targets $500 bn electronics sector, right time to be here: PM Modi | India News
 "Modi, Narendra Modi")
Modi also spoke about India’s “3-D power” in the semiconductor industry | (Photo: PTI)
Prime Minister Narendra Modi on Wednesday trumpeted India’s potential in semiconductor chips, saying it is the “right time” to be in the country as it aims to increase its electronics sector to $500 billion by the end of the decade.
“When the chips are down, you can bet on India,” he said at an event called Semicon India in Greater Noida. “This is the right time to be in India. You are at the right place at the right time.”
“India’s electronic sector is worth more than $ 150 billion today, and our target is now even bigger. By the end of this decade, we want to take our electronics sector to $500 billion in production, which will create around 6 million jobs for the country’s youth,” he said.
India contributes 20 per cent to world semiconductor design and will expand its share. “We are creating a workforce of 85,000 workers in the semiconductor domain. India’s focus is to make its students, its workforce ready for the industry.”
India’s e semiconductor industry had “3D power: A reformist government, growing manufacturing base and an aspirational market. Also helping it were initiatives such a Rs 1 trillion research and development fund and a “360-degree approach” to attract investments and develop supply chains.
“For India chips are a way to fulfil the aspirations of the people. We have built the world’s best digital public infra on this chip, which is helping us to ensure last mile connectivity.”
“We have taken a lot of steps to increase semiconductor manufacturing, including 50 per cent support from the centre and additional from the state governments. It’s because of India’s policies, Rs 1.5 trillion worth of projects have already been approved in India and many more are in the pipeline,” he added.
The government aims to make electronics production completely domestic.
First Published: Sep 11 2024 | 2:23 PM IST
