'When chips are down, you can bet on India': PM Modi at SEMICON India 2024

Prime Minister Narendra Modi, during the inauguration event of SEMICON India 2024 at the India Expo Mart in New Delhi today, told the industry stakeholders that it's the right time to be here and that the government will do everything possible to make India a "semiconductor powerhouse".

"Today's India gives an assurance to the world that when the chips are down, you can bet on India," he says on the first day of the three-day SEMICON India 2024 summit. The PM said India's electronic sector has become more than $150 billion, which in the next decade should reach $500 billion. "By this, around 60 lakh jobs will be created for India's youth," he says.

Estimations indicate that the Indian semiconductor industry is set to hit $100 billion by 2030. "India's semiconductor industry is equipped with 'special diodes'," says the PM. "Here our energy flows in both directions -- you invest and create value, while the government provides stable policies and ease of doing business."

He talks about the three-dimensional power that forms the foundation of India's semiconductor industry. "First is India's reformist government, second is the country's growing manufacturing base and third is its aspirational market, which knows the taste of technology. For all of you, the three-D power of India's semiconductor industry provides a base that's not available elsewhere."

He said India's mantra is increasing the number of chips being produced, and that the Centre has taken several steps to promote semiconductor manufacturing. He said the government provides around 50% support to set up a manufacturing facility. "Because of India's policies, more than ₹1.5 trillion worth of investments have happened in India..."

The PM says India is set to play a major role in driving the global semiconductor industry. "We have a dream that each and every device of the world should have an India-made chip. We will do everything possible to make India a semiconductor powerhouse."

India is a major consumer of chips. "We have built the world's best digital public infrastructure on this chip," says the PM, adding that chips have become useful in ensuring last-mile delivery.

He said the country is preparing a "semiconductor workforce" of 85,000 technicians, engineers and RNT experts. India is anticipated to face a shortage of 250,000-300,000 professionals in the semiconductor sector by 2027, as per a study by TeamLease Degree Apprenticeship.

During a roundtable with executives of the semiconductor industry at his residence on Tuesday, the Prime Minister said India’s focus was to develop globally competitive products. He told the executives that their ideas would not only shape businesses but also India’s future. He also assured the industry about the country's policy consistency in the sector.

"India’s focus is to develop globally competitive products. India is a great market for investing in hi-tech infrastructure," Modi told the executives, adding that the excitement shared by the leaders of the semiconductor sector today will motivate the government to work harder for this sector.

India this month also signed four significant Memorandums of Understanding (MoUs) with Singapore, which cover cooperation in the semiconductor industry, and digital tech, health and medicine, and educational & skills development.