Prime Minister Narendra Modi, at the 'Semicon India' event, championed India's semiconductor sector, aiming for a $500 billion electronics industry by the decade's end, creating 6 million jobs. Modi stressed self-sufficiency in chip manufacturing, highlighting India's 20% global semiconductor design contribution. Plans include a skilled 85,000-strong semiconductor workforce and a Rs 1 trillion R&D fund. Major investments from NXP and Renesas signal India's semiconductor allure. Modi's vision aligns India towards technological innovation, economic growth, and global semiconductor leadership.
Prime Minister Narendra Modi, speaking at the 'Semicon India' event in Greater Noida, highlighted India's burgeoning potential in semiconductor chips, declaring it as the perfect moment to be part of the country's dynamic electronics landscape. He expressed confidence in India's capabilities, stating, “When the chips are down, you can bet on India,” emphasizing the opportune timing for investors to engage with the nation.
The Prime Minister outlined India's ambitious vision for its electronics sector, currently valued at over $150 billion, with aspirations to escalate it to a remarkable $500 billion by the end of the decade. This growth trajectory is envisioned to generate approximately 6 million employment opportunities for the country's youth, fostering economic prosperity and technological advancement.
Modi underscored the government's commitment to nurturing a self-sufficient ecosystem for semiconductor chip manufacturing within India, aiming to bolster the nation's position as a key player in the global semiconductor domain. He highlighted India's significant contribution of 20% to the world's semiconductor design and reiterated plans for further expansion in this arena.
Emphasizing the importance of skilled labor, Modi articulated plans to cultivate a workforce of 85,000 professionals in the semiconductor sector, aligning educational curricula with industry requirements to empower students for future technological endeavors.
The Prime Minister lauded India's proactive initiatives, including the establishment of a substantial Rs 1-trillion research and development fund, and a comprehensive '360-degree approach' to attract investments and fortify supply chains. These strategic measures aim to propel India towards self-sufficiency in electronics production, ensuring a robust and resilient supply chain infrastructure.
In a testament to India's growing appeal as a semiconductor hub, major industry players like NXP and Renesas announced significant investments in the country. NXP unveiled plans for a $1 billion investment in India-based R&D over the next few years, while Renesas disclosed intentions to double its workforce in the country by the following year.
Prime Minister Modi's vision underscores India's dedication to leveraging semiconductor technology to fulfill the aspirations of its people, fostering innovation, economic growth, and connectivity. With a conducive policy framework and a proactive stance towards industry development, India's semiconductor industry is poised for remarkable growth and global prominence.
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