‘World needs trusted, reliable supplier of semiconductors, India perfect for it’: PM Modi at Semicon India 2023

While inaugurating the Semicon India 2023 Exhibition in Gandhinagar, Gujarat, PM Narendra Modi revealed that India has become the preferred destination for global semiconductor manufacturers and investors

Prime Minister Narendra Modi inaugurated the Semicon India 2023 exhibition, where he welcomed business partners, chip makers and investors from all across the world. First organised in 2021 in Bengaluru, the 2023 edition is taking place in Gandhinagar, Gujarat.

During is inaugural speech, PM Modi highlighted the journey the country has been on for the last two years, and where it is headed.

India emerging as a leading destination for chipmakers and other tech industries
PM Modi started his address by expressing how India had become the preferred destination for investors when it comes to semiconductors.”At Semicon India last year, everyone present at the event was asking why they should invest in India with regards to the semiconductor industry. Now that question has become why not invest in India,” he said.

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The PM also highlighted that India, once an importer of mobile phone, is now one of the world’s top exporters, making some of the best phones. “A few years earlier, India was a small player in the sector. Now, our share in the global electronics sector has increased a lot. In 2014, India’s electronics production was less than $30 billion. Now, it has crossed $100 billion.”

He added, “In 2014, we had about two mobile manufacturing units in India. Today, that number is well over 200.”

India’s New Middle Class
He also highlighted how quickly and rapidly are Indian consumers adopting internet and internet-based services. “In 2014, India had 6 crore broadband users. Now that has become around 800 million that is 80 crore users more than that. In 2014, there were 25 crore internet connections, now there are more than 85 crore internet users. These numbers not only indicate the growth of the country, but also the potential your business has to grow in the country” PM Modi told entrepreneurs and businesses.

“The world is undergoing the 4th industrial revolution. Whenever the world has gone through a revolution of this magnitude it has always been connected to the aspirations of a region’s populace. The previous industrial revolution and the American Dream were connected because of this very reason. I see the same relation between this Industrial Revolution and the Indian aspirations,” PM Modi exclaimed.

“India is that country where extreme poverty is going down drastically, new middle class is increasing fast. Indians are fast with technology. Rural areas are getting internet and a seamless power supply is catalysing this. One big challenge is that whoever has not used basic Home appliances , has now started using smart-tech appliances. The youth which never used a basic bike, is now moving towards getting an electric bike,” he added.

India’s responsibility to the world
Speaking on how the world came to a halt because of the Pandemic, and how the tech world was disrupted because of Global unrest, PM Modi said, “India knows that semiconductors are required not just by the country, but globally. India knows the world needs a trusted, reliable chief supplier of semiconductors. What can be better than the biggest democracy in the world for the same.”

“India has a massive talent pool, skilled engineers and strength of semiconductor designers. India realises its global responsibility. We have recently approved National Quantum Mission. We have also identified over 300 colleges where courses on semiconductors will be available.” PM Modi also announced that soon, India will have over 1 lakh design engineers and that India’s startup ecosystem is all set to strengthen the nation’s semiconductor sector.

To facilitate more players to join India on its Semicon mission, PM Modi also announced an that the Indian government will back the semiconductor sector and all companies looking to set up shop in our backyard, with all its might. “Players will get 50 per cent financial assistance from Central Govt in the semiconductor sector. The world should benefit from India’s skill, capability & capacity,” said PM Modi.