Prime Minister Narendra Modi convened a Semiconductor Executives’ Roundtable at his residence on Tuesday, underscoring the significance of the semiconductor industry for India’s future and the global economy.
In his address, PM Modi emphasized the transformative role of semiconductors, calling them the foundation of the Digital Age. He noted that semiconductors will soon become essential even for basic daily necessities. “The future will be driven by technology, and your ideas will not only shape your businesses but also India’s trajectory,” he told the executives.
The Prime Minister highlighted the intersection of democracy and technology, asserting that together they can ensure the welfare of humanity. He reiterated India’s commitment to contributing to the global semiconductor supply chain and said the country is moving forward with a clear sense of its global responsibilities in this sector.
During the meeting, Modi outlined key pillars of India’s development strategy, including strengthening social, digital, and physical infrastructure, fostering inclusive growth, reducing compliance burdens, and attracting investments in manufacturing and innovation. He emphasized India’s potential to become a reliable partner in a diversified global semiconductor supply chain, backed by a skilled workforce and a growing talent pool.
He also reassured the executives of a predictable and stable policy regime, affirming the government’s commitment to support the industry under its ‘Make in India’ and ‘Make for the World’ initiatives. India, Modi said, is positioning itself as a prime destination for hi-tech investments, and the enthusiasm from the semiconductor leaders will encourage the government to intensify its efforts.
The release following the meeting noted that the semiconductor executives praised India’s commitment to the industry’s growth. They lauded the unprecedented gathering of top leaders from the semiconductor sector and recognized India as an emerging hub in the global semiconductor landscape. Executives acknowledged that the country’s business-friendly environment, amidst complex global geopolitics, is providing a stable and conducive setting for investment.
They expressed confidence that India has the potential to become a global powerhouse in the semiconductor supply chain, not only in manufacturing but also in raw material production. The consensus among the industry leaders was that India is now the place to invest, a sentiment bolstered by their positive past interactions with PM Modi.
Attendees of the roundtable included CEOs and representatives from major semiconductor firms such as SEMI, Micron, NXP, PSMC, Renesas, Applied Materials, and many others. Prominent professors from Stanford University, the University of California San Diego, and IIT Bhubaneswar were also present.
India’s recent strides in the semiconductor sector were also highlighted. On September 2, the Union Cabinet approved the proposal of Kaynes Semicon Pvt Ltd to establish a semiconductor unit in Sanand, Gujarat, with an investment of ₹3,300 crore and a production capacity of 6 million chips per day. This unit is part of a broader initiative by the government, with four semiconductor plants currently under development in Gujarat and Assam, which collectively represent an investment of nearly ₹1.5 lakh crore and a daily production capacity of 70 million chips.
India’s growing semiconductor ecosystem will also take center stage at the upcoming SEMICON India 2024, set to be held in Greater Noida, showcasing the country’s advancements in this critical sector.
(ANI)