Modi Advocates for Semiconductor Revolution in India

Prime Minister Narendra Modi emphasized the critical importance of supply chain resilience for the economy, particularly in semiconductor manufacturing, during his speech at the SEMICON 2024 conference. He highlighted India's reform measures, stable policies, and a rapidly growing market, expressing ambitions to make India a global hub for semiconductors and electronics manufacturing.

Prime Minister Narendra Modi on Wednesday underscored the critical importance of supply chain resilience for the economy as he advocated for boosted investments in domestic semiconductor manufacturing. These components are essential for a range of technologies, from smartphones to electric vehicles (EV) and artificial intelligence (AI).

Addressing attendees at the SEMICON 2024 conference near the national capital, Modi highlighted how the Covid-19 pandemic revealed the vulnerability of global supply chains. He stressed the necessity of robust action to prevent future disruptions affecting various industries, including electronics.

'Resilience of the supply chain is very important,' Modi stated, adding that India is striving to strengthen supply chains across different economic sectors. In recounting the global supply shocks during the pandemic, he pointed out that measures in China had significantly impacted sectors reliant on imports, notably the semiconductor industry.

Modi showcased India's reformist regime, its stable policies, and a tech-savvy market as attractive factors for semiconductor investments. 'It is our dream to have an Indian-made chip in every device in the world,' he said, reinforcing the government's ambition to transform India into a semiconductor powerhouse.

He further emphasized that the government’s initiatives for boosting semiconductor manufacturing, coupled with a burgeoning manufacturing base and an aspirational market, form a 'Three-D Power' for chip production in India. 'Today's India inspires confidence in the world. When the chips are down, you can bet on India,' he declared.

Modi noted that investment commitments exceeding Rs 1.5 lakh crore have already been made in semiconductor manufacturing, with multiple projects in the pipeline. On the broader electronics sector, he projected that India's electronics industry, worth over USD 150 billion today, aims to surpass USD 500 billion by the decade's end, potentially creating 60 lakh jobs.