On Friday, Prime Minister Narendra Modi highlighted India’s role as a major facilitator for investments in the semiconductor industry. He emphasized the country’s impressive progress in the digital sector and electronics manufacturing, which has contributed to this growth.
Prime Minister Narendra Modi mentioned during the SemiconIndia Conference 2023 that India was once seen as an emerging player in the semiconductor industry. However, he pointed out that the country has made significant strides since then, with its market share increasing manifold. He noted that India’s electronics production was less than $30 billion in 2014, but it has now surpassed $100 billion.
“In just two years, electronics exports have doubled, as have mobile phones produced in India. A country that used to import phones is now manufacturing and exporting some of the best phones to the world,” stated PM Modi.
According to Prime Minister Narendra Modi, India’s aspirations are fueling the ongoing fourth industrial revolution worldwide.
“Events like SemiconIndia are necessary for updating software. Through this conference, we keep updating our relations with industry, experts, and policymakers. It plays a vital role in synchronizing these relationships,” expressed PM Modi.
Prime Minister Narendra Modi emphasized the significance of Semicon India in updating connections with the industry, experts, and policymakers. He believes that these updates are crucial for synchronizing these relationships.
“A year ago, when we organized the first SemiCon, people were questioning why they should invest. Now, a year later, the question has changed to why not invest,” says PM Modi.
Addressing investors, the Prime Minister assured them that India will not disappoint. He emphasized the need for India to establish a chipmaking ecosystem, noting that the first mover in this endeavor would undoubtedly have a significant advantage.
“India acknowledges that semiconductors are not just a national necessity but also crucial for the world, making India a trusted supply chain partner,” the PM remarked, considering the global pandemic and the Russia-Ukraine war’s impact.
“I am pleased that the international community has faith in India, which is attributed to our stable, responsible, and reform-oriented government. The industry’s confidence in India is bolstered by the rapid development of infrastructure,” added the PM.
Emphasizing the trust in India, the Prime Minister highlighted that the tech sector has faith in the country due to its rapid development. He also pointed out that the semiconductor sector believes in India because of its abundant talent pool of engineers and designers. The PM further mentioned that the “Make in India” initiative not only focuses on manufacturing for India but also aims to create products for the global market. Additionally, he expressed optimism that India’s ongoing path of reforms will lead to the creation of new opportunities for everyone.