PM Modi: India is ready to become a global semiconductor powerhouse

India is now the eighth country to host a global semiconductor industry event, marking a significant milestone in its quest to become a major player in the semiconductor sector.

Prime Minister Narendra Modi, inaugurating the three-day SEMICON India 2024 at India Expo Mart in Greater Noida, assured global semiconductor giants of India’s strong and supportive business environment. He sated:

When chips are down globally, the world can bet on India.

Government financial support

Under India’s semiconductor mission, the government offers 50% financial support for companies establishing semiconductor manufacturing facilities, including front-end fabs, display fabs, and packaging units. Modi highlighted that over Rs 1.5 trillion of investments have already been made in the sector, with more projects in the pipeline.

Workforce development and sector growth

India’s electronics sector, currently valued at over $150 billion, aims to expand to $500 billion by 2030. This growth is expected to create 6 million jobs and significantly boost the semiconductor industry. Modi outlined plans to develop a skilled semiconductor workforce of 85,000 professionals, including technicians, engineers, and R&D experts, to be industry-ready in the coming years. He emphasized that India’s designers contribute 20% to global design and are a growing talent pool in the industry.

Supply chain and silicon diplomacy

Modi emphasized the importance of resilient supply chains, especially after the disruptions caused by the COVID-19 pandemic. He noted India’s ongoing efforts to enhance supply chain security across various industries.The Prime Minister remarked that “silicon diplomacy” is now replacing “oil diplomacy” in the digital era, given the critical role of semiconductors in technology.