Prime Minister Narendra Modi has said India has "no option" but to be self-reliant when it comes to key items such as semiconductors, a move which would also boost the Make in India programme.
"India has no option but to be 'atmanirbhar' when it comes to semiconductors. This sector has brought new possibilities for Make in India," Modi said on March 3 at a post-budget webinar on 'Make in India for the World' organised by the Department for Promotion of Industry and Internal Trade.
The semiconductor shortage late last year disrupted production capabilities of the automobiles sector in particular, leaving India bruised. To ensure the problem does not occur again, the government in December announced a Rs 76,000 crore production linked incentive scheme for domestic semiconductor and display board production.
In his address on March 3, the prime minister also called on manufacturers to make headway in other key areas such as electric vehicles, medical equipment, and steel.
"Our iron ore goes abroad and we import quality steel from the same countries... Indian manufacturers should ensure that our dependence on imports should be as little as possible," Modi said.
"A country as large as India will never be able to progress and give opportunities to our youth if it only remains a market. We have seen during the pandemic how global supply chains have been destroyed... The world today sees India as a manufacturing powerhouse. Our manufacturing sector is 15 percent of India's GDP. But there are infinite possibilities in front of Make in India. We must work together to make a robust manufacturing base."
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