Noida, September 11, 2024
India Sets Ambitious Goals for Semiconductor Sector
NOIDA / INDIA (Economy India): Prime Minister Narendra Modi inaugurated Semicon India 2024 today in Greater Noida, marking a significant step in India’s aspirations to become a global leader in the semiconductor industry. Speaking at the event, Modi outlined his vision for the future of India’s semiconductor sector and emphasized the country’s growing role in the global market.
India’s Growing Role on the Global Stage
India has now become the eighth country to host a global semiconductor industry event. Modi expressed his confidence in India’s capability, saying, “When the chips are down, you can bet on India.” This statement highlights India’s growing prominence in the sector and its readiness to tackle global challenges.
Expanding Innovation and Workforce
Modi highlighted India’s substantial contribution to the semiconductor design industry. He noted that 20% of global talent in semiconductor design comes from India. To further boost the sector, the Indian government is preparing a workforce of 85,000 technicians, engineers, and R&D experts.
“India has created a special reserve fund of ₹1 lakh crore to support innovation in the semiconductor field,” Modi stated. This initiative aims to expand the scope of innovation and infrastructure in the sector.
Understanding India’s 3D Power
Prime Minister Modi introduced the concept of India’s “3D Power,” which includes:
- Reformist Government – Committed to policy improvements.
- Growing Manufacturing Base – Supporting semiconductor production.
- Aspirational Market – Providing opportunities for new technologies.
These elements are key to India’s strategy for becoming a semiconductor powerhouse.
Investment and Self-Reliance
Modi emphasized India’s focus on self-reliance and manufacturing growth. “Our goal is to increase the electronics sector to $500 billion by 2030. We aim to achieve 100% electronic manufacturing within India, creating approximately 6 million job opportunities,” he explained.
The government is providing 50% support for establishing manufacturing facilities. Modi assured that the government will do everything possible to support the semiconductor industry’s growth.
Semiconductors: The Foundation of the Digital Age
Modi described semiconductors as the foundation of the digital era. He emphasized India’s potential not only to meet domestic needs but also to supply semiconductors globally. “We will work on policy improvements to support global companies investing in India,” Modi said.
Minister Ashwini Vaishnav’s Perspective
Union Minister Ashwini Vaishnav also highlighted the significance of the event. He noted, “The global semiconductor industry’s focus is now on India. This is a tremendous opportunity for us. For the first time, such opportunities are available in India.”
Semicon India 2024 represents a pivotal moment for India’s semiconductor sector. With ambitious goals set by Prime Minister Modi and substantial government support, India is poised to become a major player in the global semiconductor market.
(Economy India)
