This is the right time to be in India, says PM Modi at Semicon event | India News
 "Modi, Narendra Modi")
Modi also spoke about India’s “3-D power” in the semiconductor industry | (Photo: PTI)
Prime Minister Narendra Modi, inaugurating the Semicon India event on Wednesday, said this was the right time to be in India, with the government’s aim being to create an ecosystem where semiconductor chips and their finished goods are produced domestically.
“This is the right time to be in India. You are at the right place at the right time,” PM Modi said while addressing the gathering in Greater Noida.
He further assured the audience, “When the chips are down, you can bet on India,” underlining India’s reliability in the global semiconductor industry.
The Prime Minister highlighted that India currently contributes 20 per cent to the world’s semiconductor design, and this contribution will be further expanded. “We are creating a workforce of 85,000 in the semiconductor domain. India’s focus is to make its students and workforce industry-ready,” he added.
Modi also spoke about India’s “3-D power” in the semiconductor industry, which includes a reformist government, a growing manufacturing base, and an expanding aspirational market. He mentioned initiatives such as the ₹1 trillion R&D fund and a 360-degree approach in the domain, which are attracting investments and aiding in the development of the semiconductor supply chain.
Highlighting the importance of chips, Modi said, “For India, chips are a way to fulfil the aspirations of millions. We have built the world’s best digital public infrastructure on these chips, which is helping us ensure last-mile connectivity.”
He further emphasised India’s commitment to boosting semiconductor manufacturing, stating, “We have taken significant steps to increase semiconductor production, including 50 per cent support from the Centre and additional support from state governments. Thanks to India’s policies, projects worth ₹1.5 trillion have already been approved, with many more in the pipeline.”
On electronics production, the Prime Minister stated that the government aims for 100 per cent production of electronics within the country.
“India’s electronics sector is worth more than $150 billion today, but our target is even bigger. By the end of this decade, we aim to grow the sector to $500 billion in production, which will create around 6 million jobs for the country’s youth,” he said.
First Published: Sep 11 2024 | 2:23 PM IST
