Prime Minister Narendra Modi on Friday promised 50 per cent financial assistance to players wishing to set up semiconductor manufacturing facility in the country.
Now technology firms will be given 50 per cent financial assistance to set up semiconductor manufacturing facilities in India, he said, adding, “We are continuously carrying out policy reforms to accelerate the growth of the country's semiconductor sector”
He was addressing a gathering after inaugurating SemiconIndia 2023 at Mahatma Mandir here.
The conference, with its theme 'Catalysing India’s Semiconductor Ecosystem,' aims to unite global leaders from industry, academia, and research sectors.
At the conference, PM Modi underlined the significance of the ongoing fourth industrial revolution, linking it with the aspirations of Indian society.
The Prime Minister emphasised India's readiness to "address global apprehensions about raw materials and manpower", besides promising to work collaboratively with private sectors that have demonstrated remarkable growth and success.
Highlighting the country's vast talent pool and skilled engineers, Modi stressed on the nation's global responsibility and efforts to bolster the semiconductor sector.
He noted recent initiatives like the approval of the National Quantum Mission and the introduction of semiconductor courses in over 300 colleges, aiming to produce more than 100,000 design engineers within the next five years.
"The sector in which we have worked closely with private players has touched new heights. Be it the space sector or geospatial sector, we have got excellent results everywhere”, the Prime Minister emphasised.
He also informed about the critical decisions taken on the basis of feedback received.
Prime Minister Modi talked about the increased incentive under the Semicon India Programme.
SemiconIndia 2023 served as a stage for industry heavyweights such as Foxconn, Micron, AMD, IBM, Marvell, Vedanta, LAM Research, NXP Semiconductors, and STMicroelectronics to illuminate India's strides in establishing a competitive global semiconductor manufacturing and design hub.
India's electronics manufacturing jumps from $30 bn to $100 bn: PM Modi
Prime Minister Narendra Modi on Friday revealed that India’s electronic manufacturing has exceeded $100 billion from $30 billion in 2014.
He made the revelation after officially opening the SemiconIndia 2023 here.
The conference, under the theme 'Catalysing India’s Semiconductor Ecosystem', will showcase India’s ambitious strategy and policy in becoming a global nucleus for semiconductor design, manufacturing, and technology development.
In his address, Prime Minister Modi drew parallels between Moore's Law, which predicts the exponential growth of technology, and India’s digital and electronic manufacturing sectors.
He informed the audience that India's share in global electronic manufacturing has surged dramatically.
"In 2014, India’s electronic manufacturing was less than $30 billion, which has now exceeded $100 billion," Modi revealed.
He also shared that the export of electronics and mobile devices had doubled in the last two years, while stressing the importance of gatherings like SemiconIndia as platforms where industry leaders and experts converge to exchange insights and updates.
"It is crucial for the synchronisation of our relationship," Modi explained.
He expressed delight at the exhibition's innovative displays and the sector's vibrant energy, urging all attendees, particularly the youth, to explore the exhibition and understand the potential of new technology.
Reflecting on last year's Semicon event, the Prime Minister remarked on the shift in the investment climate within a single year, from 'Why invest in India' to 'Why not invest in India'.
“This directional change is the result of the industry leaders’ efforts,” Modi praised, as he commended their belief in India's potential.
He lauded the industry leaders for aligning India's aspirations and capabilities with their own future goals and dreams.
“India does not disappoint,” he declared.
Prime Minister Modi emphasised the extensive opportunities in 21st century India, highlighting the nation's democracy, demography, and dividend as strong indicators for business expansion.
Providing further insight into India's technological progress since 2014, the Prime Minister reported a notable increase in the number of mobile manufacturing units, broadband users, and internet connections.
He maintained that these statistics signify not only India's progress but also burgeoning business opportunities.
“The world is witnessing the Industry 4.0 revolution today,” Modi noted, asserting that Indian aspirations are the driving force behind the country's development.
He stressed the rapid decline in poverty rates, the emergence of a new middle class, and the growing adoption of technology among Indian consumers as key factors fostering the consumption of digital products.
“The growing neo-middle class of India has become the powerhouse of Indian aspirations,” the Prime Minister affirmed.
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