Informist, Wednesday, Sep 11, 2024

--PM Modi: Aim to increase electronics sector size to $500 bln by 2030

NEW DELHI – Prime Minister Narendra Modi today said that his government aimed to increase the electronics sector size to $500 bln by the end of the decade from $150 bln at present. The prime minister said after the inauguration of the SEMICON India 2024 at Greater Noida, a three-day conference to showcase India's semiconductor strategy and policy.

Modi said that the increase in the size of electronics sector will generate employment for 6 mln people. The prime minister expressed the government's commitment to increase the production of chips in the country. "Our dream is to have India-made chip in every device in the world," Modi said. "Our goal is that 100% of electronic manufacturing should happen in India. India will make semiconductor chips and the finished product too," Modi said.

The prime minister also said that 1.5-trln-rupee investment was committed in semiconductor sector due to the government’s policies.

Reiterating his commitment for the growth of the sector, Modi said that a semiconductor workforce of 85,000 trained engineers and technicians will be ready in 10 years.

The prime minister said that this was the era of silicon diplomacy. The semiconductor ecosystem of India will also address global challenges, he said. "You are at right place at right time. India gives confidence to the world that when (global supply of) chip are down you can bet on India," Modi said.

He said that the country offered an integrated ecosystem for the semiconductor sector with stable policies and ease of doing business. Calling chipmakers to invest in India, the prime minister said that the country offered a reformist government, growing manufacturing base and technology-oriented market. He further said that the Central government was providing 50% support for setting up manufacturing facilities in the country and the state governments are also supporting in various manners.

"The Indian market has tasted the technology. The Indian market is an aspirational and technology-oriented. You won’t find this anywhere," Modi said.

He said that India is one of biggest consumers of chip in the world today. "We built digital public infrastructure. This small chip is helping a lot in last mile delivery of various services like banking system," he said, adding that India was world's second largest market of 5G handsets.

During the inaugural address, the chief executive officers of NXP Semiconductors and Renesas Electronics Corporation announced expanding their activities and operational presence in India in coming years. The global leaders appreciated India's commitment to the growth of the semiconductor sector.

The three-day conference will witness participation of top leadership of global semiconductor giants and will bring together global leaders, companies, and experts from the semiconductor industry. It aims to establish India as global hub for semiconductors. End

Reported by Kuldeep Singh

Edited by Akul Nishant Akhoury

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