When the chips are down, you can bet on India, says PM Narendra Modi at SEMICON 2024

PM Narendra Modi addresses a gathering during the inauguration of SEMICON India 2024, in Greater Noida, Uttar Pradesh, on Wednesday. Pic/PTI

Prime Minister (PM) Narendra Modi inaugurated the Semicon India summit at the India Expo Mart in Greater Noida on Wednesday, news agency ANI reported.

Addressing the gathering, PM Narendra Modi said this is the right time to be in India. "Many projects are currently in the pipeline, and India today assures the world that when the chips are down, you can bet on India," he said.

Sharing his vision for India's semiconductor industry in his keynote speech, PM Narendra Modi stated, "My dream is that every device in the world should have a made in India chip. Due to India's policies, in a very short time, investments worth more than Rs 1.5 trillion have been made in this sector, and many projects are currently in the pipeline."

PM Narendra Modi said India's semiconductor industry is being equipped with "special diodes".

"You invest and create value, and the government provides you with stable policies and ease of doing business," he stated, further underscoring India's contributions to the global semiconductor design ecosystem.

PM Modi also highlighted the country's focus on education and skill development in this field, and said, "In the world of designing, India contributes 20 per cent of the talent. We are preparing a semiconductor workforce of 85,000 technicians, engineers, and R&D specialists. India's focus is on making its students and professionals ready for the semiconductor industry."

"In addition to talent development, India is also prioritising semiconductor infrastructure. Yesterday, the first meeting of the National Research Foundation on research was held," the Prime Minister further said.

He added that India is putting a lot of focus on semiconductor-related infrastructure and a research fund of Rs 1 trillion has been created for the purpose. The PM also said that initiatives such as this one will greatly expand the scope of innovation in the semiconductor and science sectors.

"Additionally, you have a three-dimensional power: first, the reform-oriented government of today; second, India's growing manufacturing base; and third, India's aspirational market. Today, India is a major consumer of chips. On this very chip, we have built the world's best digital public infrastructure. The Indian government is providing 50% support for setting up semiconductor manufacturing facilities in India," PM Modi said.

(With ANI inputs)