Prime Minister Modi Inaugurates Semicon India 2024, Emphasizes India’s Growing Role in the Semiconductor Sector
GRETER NOIDA (Economy India): Prime Minister Narendra Modi inaugurated the Semicon India 2024 exhibition at the India Expo Mart in Greater Noida. During his keynote address, he highlighted India’s pivotal role in the global semiconductor industry and the nation’s ambition to become a major hub for chip manufacturing.
India’s Growing Presence in Semiconductor Manufacturing
Prime Minister Modi underscored India’s increasing contribution to the global semiconductor industry, emphasizing the country’s role in chip design. He noted, “India is contributing 20% of the global talent in chip designing, and this number is only set to grow.”
With a focus on boosting domestic semiconductor production, PM Modi mentioned that the Indian government is providing 50% financial support for setting up semiconductor manufacturing facilities. This initiative is part of a broader strategy to make India a leading semiconductor powerhouse.
Investment and Economic Growth
India’s favorable policies have already attracted significant investments. “In a short span, over ₹1.5 trillion has been invested in India’s semiconductor sector, and more investments are in the pipeline,” PM Modi revealed. This influx of capital is expected to drive substantial growth in India’s electronics sector.
The Prime Minister also set an ambitious target for the country. He stated, “By the end of this decade, we aim to expand our electronics sector to $50 billion, which will create 6 million jobs.” This expansion will directly benefit the semiconductor industry, making India a crucial player in the global market.
Key Features of Semicon India 2024
The Semicon India 2024 exhibition will run from September 11 to 13 at Knowledge Park 2, Greater Noida. The event features participation from leading semiconductor manufacturers worldwide, showcasing India’s growing ecosystem.
Seminar Highlights
- Day 1: Focus on Smart Manufacturing with specialized workshops.
- Day 2: Sessions on Cross-Regional Partnerships, Flexible Hybrid Electronics, and Supply Chain Management.
- Final Day: A Packaging Manufacturing Bootcamp and an introduction to Semiconductor Fabrication.
Uttar Pradesh’s Semiconductor Vision
Under the UP Semiconductor Policy, the state offers several incentives to attract investors. These include an additional 50% capital subsidy, a 75% land rebate, and 100% exemption from stamp duty. The policy is designed to transform Uttar Pradesh into a semiconductor industry hub, creating new employment opportunities.
India’s Semiconductor Ecosystem: A Global Perspective
In 2021, India’s semiconductor market was valued at $27.2 billion, and it is projected to reach $64 billion by 2026. PM Modi emphasized the importance of this growth, stating, “India’s semiconductor ecosystem is not only solving domestic challenges but also offering solutions to global problems.”
(Economy India)
