In a significant address at SEMICON India 2024, held on the outskirts of the national capital, Indian Prime Minister Narendra Modi emphasized the critical role of supply chain resilience in the global economy and pitched for India’s semiconductor manufacturing capabilities.
Here are the top five takeaways from the Prime Minister’s speech at the event:
Investment Boost for Semiconductor Manufacturing
Modi highlighted that India has already secured commitments of over ₹1.5 lakh crore in investments towards semiconductor manufacturing. This is a major step towards positioning India as a global semiconductor hub, with several new projects in the pipeline to further accelerate growth.
Focus on Supply Chain Resilience
Drawing lessons from the supply chain disruptions witnessed during the COVID-19 pandemic, Modi stressed the importance of building resilient supply chains across various sectors. He underlined India’s efforts to strengthen its own supply chains, particularly in semiconductor manufacturing, to avoid future global shocks.
‘Indian-made Chip in Every Device’ Dream
The Prime Minister articulated an ambitious vision for India, stating that the government’s goal is to see an Indian-made semiconductor chip in every electronic device worldwide. This reflects India’s aspirations to play a leading role in the global semiconductor supply chain.
India’s ‘Three-D Power’ for Semiconductor Industry
Modi also pointed out the three critical factors driving India’s semiconductor ambitions— a reformist government, a robust and growing manufacturing base, and a tech-savvy market eager to adopt cutting-edge innovations. He referred to these as the “Three-D Power,” which provides a strong foundation for India’s semiconductor industry.
India as a Global Semiconductor Powerhouse
PM Modi positioned India as a reliable and attractive destination for semiconductor investments, showcasing the country’s stable policies, reform-oriented governance, and expanding manufacturing ecosystem. He assured global investors that India would do whatever it takes to become a semiconductor powerhouse.
(With inputs from
PTI)
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Published: 11 Sep 2024, 02:00 PM IST
