Greater Noida: Prime Minister Narendra Modi on Wednesday called for boosting investments in domestic manufacturing of semiconductors, saying strengthening supply chains is crucial for the economy. Modi said semiconductors are the basis of everything from smartphones to electric vehicles and artificial intelligence (AI).
Speaking at the SEMICON-2024 conference on the outskirts of the national capital, Prime Minister Modi said the COVID-19 pandemic has brought to the fore the importance of supply chains and underlined the need to take steps to prevent any such disruptions.
He said, “Supply chain resilience is extremely important. India is working to build it in various sectors of the economy.” During the COVID-19 pandemic, the world witnessed supply shocks as stringent measures taken in China to control the spread of the pandemic affected industries and sectors dependent on imports from that country. One of the sectors affected was the chip, which is a vital part of every electronic device.
The Prime Minister also spoke about India’s reformist government, stable policies and market that has leveraged technology to create a strong base for investment in semiconductor manufacturing. “Our dream is that every device in the world has a chip made in India,” he said.
The Prime Minister said, “We will make every effort to make India a superpower in the semiconductor sector.” Discussing the steps taken by his government to promote semiconductor manufacturing, he said a reformist government, a growing manufacturing base and aspiring markets adopting the technology provide “3D power” for chip manufacturing in the country.
He said, “Today’s India inspires confidence in the world. When difficulties arise, you can rely on India.” He said that more than Rs 1.5 lakh crore has already been invested in semiconductor manufacturing and many projects are in the pipeline. On the electronics sector, the Prime Minister said that our aim is that the entire electronic manufacturing work should be done in India itself.
Modi said, “Today India’s electronic sector is more than $150 billion. By the end of this decade, we want to take our electronic sector to more than $500 billion. This can create 60 lakh employment opportunities.”