Markets gave semiconductor stocks a thumbs up after Prime Minister Narendra Modi reaffirmed India's commitment to building and growing its semiconductor infrastructure while speaking at the Semicon India 2024 event.
PM Modi, on September 11, said the world can bet on India when the chips are down, adding that it is the right time to be in the country.
He further highlighted India's growing stature in the global chip manufacturing industry, saying the country contributes 20 percent of the world's talent, which is only increasing. "For India, chip’s meaning is not just technology, but a medium to address the aspirations of consumers. India is a big consumer of chips," PM Modi said.
At 1 pm, RIR Power Electronics and SPEL Semiconductor saw only buyers, hitting their respective upper circuits of five percent.
CG Power and ASM Technologies shares were trading higher by 2.5 percent each, while Moschip Technologies shares were up four percent.
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The Prime Minister added that the government is working with a 360-degree approach towards the chip industry and it aims to increase the number of semiconductors produced in the country.
Meanwhile, IT minister Ashwani Vaishnaw said the government is committed to developing a strong talent pool of 85,000 engineers and technicians in the next 10 years in India.
"The government has tied up with 113 universities, academic institutions, and R&D organisations to develop a curriculum with a semiconductor focus. Our focus on design ecosystem development will lead to at least 3 or 4 major products in coming years," Vaishnav said at the Semicon India 2024 event.
On September 10, the Prime Minister chaired a semiconductor executives’ roundtable, following which industry executives appreciated India’s commitment to the growth of the semiconductor sector.
They added that the centre of gravity of the semiconductor industry is starting to shift towards India, saying that the country now has a suitable environment for the industry which has put India on the global map in the semiconductor sector.
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