Prime Minister Narendra Modi (File image)
While inaugurating a three-day Semicon India Conference-2022 in Bengaluru, Prime Minister Narendra Modi stated six reasons why semiconductor investments should consider India.
The conference was intended to serve as a launchpad for India to become a worldwide semiconductor hub.
PM Modi said semiconductors are playing a critical role in more ways that one can imagine.
“Collective aims to establish India as a key partner in global semiconductor supply chains,” he said.
The PM further added that India should focus on high tech, high quality, high reliability.
"New world order is forming, we must seize this opportunity. India has the appetite for risk, have put the odds in industry's favour, India means business," he said.
"Look forward to practical suggestions from industry on how to move forward," PM Modi added.
PM Modi further stated reasons as to why semiconductor investments should consider India:
India is building digital infrastructure to connect over 1.3 billion people, using digital tech to transform lives. He added that the country is the largest consumer of data per capita and it continues to grow.
India is paving the way to lead the next tech revolution. It is expanding 5G capacity, IOT, and clean energy tech.
PM Modi stated that the country is headed for robust economic growth.
"New unicorns are coming up every few weeks," he said.PM Modi said that India's consumption of semiconductors will cross $80 billion in 2026.
He also the country has undertaken wide reforms for ease of doing business.
"Have abolished 25000 compliances, push towards auto renewal of licences," he said.
Investigation heavily in skilling, training young Indians. We have an exceptional semiconductor design pool in India, PM Modi said.
He added that the top 25 companies have design centres in India.
Modi in his address also stated that the country has given a push for manufacturing. The PLI schemes have offered incentives of $25 billion in 14 key sectors.
"Electronics sector will see record growth over the next five years," he said.
