PM Modi: Global Commitment to Shaping the Semiconductor Future with India
Prime Minister Narendra Modi emphasized India’s potential as a leading hub for semiconductor manufacturing during the Semicon India conference held in New Delhi on Tuesday. He highlighted the country’s rapid transformation from a backend support destination to a key player in the semiconductor industry, driven by significant investments. Modi expressed confidence that India is poised to become a major contributor to the global semiconductor market, which is projected to reach a trillion dollars.
India’s Semiconductor Ambitions
During his address, Modi stated that India is transitioning from being a mere backend support location to a full-stack semiconductor nation. He noted that the country has attracted investments totaling approximately Rs 1.5 lakh crore, enabling both global and local companies to expand their operations across the semiconductor value chain. Modi remarked, “The day is not far when India’s smallest chip will drive the world’s biggest change,” underscoring his belief in India’s growing influence in the sector. He also mentioned that the global perception of India is shifting, with the world increasingly recognizing the country as a trustworthy partner in semiconductor development.
Economic Growth Amid Challenges
Modi highlighted India’s impressive economic performance, stating that the country achieved a growth rate of 7.8% despite global economic challenges. He attributed this success to India’s resilience and ability to navigate through what he termed “economic selfishness” affecting other nations. The Prime Minister asserted that India is on a trajectory to become the third-largest economy in the world, reinforcing the notion that the country is well-positioned to capitalize on the burgeoning semiconductor market.
Future Reforms and Infrastructure Development
The Prime Minister announced that the Indian government is actively working on new reforms aimed at simplifying the investment process in the semiconductor sector. He emphasized the importance of regulatory ease, stating that reducing bureaucratic hurdles is crucial for attracting investments. Modi mentioned that the government is committed to expediting the transition from “file to factory,” thereby facilitating quicker project implementation. He also noted the establishment of semiconductor parks across the country, designed with a plug-and-play infrastructure model to support rapid development.
Global Significance of Semiconductors
Modi drew attention to the growing significance of semiconductors in the modern economy, likening chips to “digital diamonds.” He explained that while these components may be small, they hold immense power to drive global progress. As the semiconductor industry evolves into a trillion-dollar business, Modi expressed optimism that India will secure a substantial share of this market. He concluded by reiterating the government’s commitment to fostering a conducive environment for semiconductor manufacturing, ensuring that India remains a key player in this vital sector.
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