Vibrant Gujarat Summit | Modi's semiconductor push to help India become third-largest economy: Micron CEO

In September, the US chipmaker held a groundbreaking ceremony at the Sanand industrial area of Gujarat to flag off the construction of the first phase of a $2.75-billion semiconductor testing and packaging plant

Prime Minister Narendra Modi's vision to make India a global hub for semiconductors will be a huge economic driver as the country marches towards becoming the world’s third-largest economy, Micron Technology chief Sanjay Mehrotra has said

In September, the US chipmaker held a ground-breaking ceremony in Gujarat’s Sanand for the first phase of a $2.75-billion semiconductor testing and packaging plant. Of the total cost, Micron will spend $825 million (around Rs 6,760 crore) and the rest will be subsidised by the government in two phases.

“Memory is a key enabler of AI and Micron is a leading powerhouse in memory. I'm proud that in June we announced plans to build a world-class memory assembly and test facility right here in Gujarat, the first of its kind in India,” Mehrotra said at the Vibrant Gujarat Summit on January 10.

He said a tremendous opportunity lay for India in semiconductors. Vibrant Gujarat would address the visionary ideas that critical for India's growth as a semiconductor power.

Also read: RIL to help make Gujarat global leader in green growth, says Mukesh Ambani

India is trying to attract major semiconductor players to set up chip fabrication and assembling plants in the country with a $10 billion subsidy programme.

The government is yet to get a major foreign foundry to the country as advanced economies like the US, Germany, the European Union and Japan have announced large subsidy programmes to bag a share of the semiconductor pie.

The 10th edition of the Vibrant Gujarat Global Summit 2024 began on January 10. “Gateway to the Future” is the theme of the three-day event.

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The investor summit serves as a crucial platform for fostering business collaborations, knowledge sharing, and forging strategic partnerships to promote growth and sustainable development.

Also read: Tata close to announcing new semiconductor fab in India's Gujarat

The Vibrant Gujarat Summit, started in 2003, has evolved into a globally recognized platform for promoting business opportunities, knowledge sharing, and strategic alliances. With the leadership of Narendra Modi, the summit has been instrumental in showcasing Gujarat as a key centre for economic growth and sustainable development.

Over the years, it has garnered international participation, reflecting the state's commitment to fostering global collaboration and attracting investments across sectors.