Semiconductors not just our need’: PM Mr. Narendra Modi pitches India as viable chip hub to global investors
- IBEF
- July 31, 2023
India is "rolling out the red carpet" for the semiconductor sector, Prime Minister Mr. Narendra Modi declared in his home state of Gujarat, pitching the country to global investors as a potential chipmaking powerhouse.
He said, “Earlier, people were questioning our aim to make chips and were asking ‘why to invest (in India)’. Now, the question has changed to ‘why not invest”. “Whoever moves fast in this will get the first mover’s advantage, and we are rolling out the red carpet for them,” PM Mr. Narendra Modi said.
He also said that “In 21st century India, there are abundant opportunities. India’s democracy, demography, dividend, will double, triple your business”.
The Prime Minister was speaking at an event in Gandhinagar, Gujarat, where hundreds of semiconductor industry executives had assembled for the country's annual chip convention, SemiconIndia 2023. The meeting is a component of the endeavours by the Central government to promote India as the upcoming semiconductor centre.
The globe is recovering from the impacts of the Covid-19 outbreak and the Russia-Ukraine war, the PM Mr. Modi said, adding that it is not just India that requires chips, but the entire world, which requires a "trusted partner" for their supply chains.
PM Mr. Narendra Modi said that “India realises semiconductor is not just our need but that the world needs a trusted supply chain. Who could be a better partner than the world’s biggest democracy. The semiconductor industry trusts India because of its "massive talent pool," he said, adding that by 2028, India would have a skill pool of over 100,000 chip design engineers.
"A few years ago, India was an emerging player in the electronics sector." Today, our share has multiplied, in 2014, India's electronics production was less than US$ 30 billion, and today it is more than US$ 100 billion," Mr. Modi remarked.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
