India Eyes Global Semiconductor Leadership With USD 500 Billion Production Target: PM Modi

(MENAFN- KNN India) New Delhi, Sep 12 (KNN) Prime Minister Narendra Modi has unveiled an ambitious plan to significantly expand India's electronics manufacturing sector, aiming to reach USD 500 billion in production value within six years.

Speaking at SEMICON India 2024, Modi outlined a vision for India to become a global semiconductor powerhouse, emphasising the country's potential to manufacture both semiconductor chips and finished electronic products domestically.

Addressing industry leaders, Modi stated, "India's ambition is to do whatever it takes to become a semiconductor powerhouse of the world."

He highlighted recent investments exceeding Rs 1.5 lakh crore in semiconductor manufacturing and design, positioning India as a reliable partner for global chip supply.

The Prime Minister emphasised the synergy between technology and democratic values, asserting that India's semiconductor ecosystem could address both domestic and global challenges.

"Our dream is that every device in the world will have an Indian-made chip," Modi declared.

In his speech, Modi also noted India's growing international role in semiconductor supply chains. He mentioned India's appointment as vice chair of the Indo-Pacific Economic Framework's Supply Chain Council and its participation in the QUAD Semiconductor Supply Chain Initiative.

Additionally, he cited agreements with Japan and Singapore, as well as deepening cooperation with the United States in the semiconductor sector.

The government's strategy includes providing financial incentives and improving ease of doing business for companies investing in the semiconductor industry.

Modi also highlighted the broader impact of semiconductor technology in India, noting its role in initiatives such as digital public infrastructure (DPI) that aim to fulfil citizens' aspirations.

This announcement comes amid a global focus on diversifying semiconductor supply chains, with India positioning itself as an alternative manufacturing hub.

The ambitious target set by the government signals India's intent to play a significant role in the global electronics and semiconductor industry in the coming years.

(KNN Bureau)

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