PM Modi has increased his focus on the semiconductor industry. If everything goes well, India will emerge as a big player in this field in the coming days. Work is going on at a rapid pace to manufacture semiconductors in India. The government knows that if India has to do something big, then it will have to emerge as a big player in this sector. In this connection, ‘Semicon India-2024’ has been organized at India Expo Center and Mart in Greater Noida.
Prime Minister Narendra Modi himself arrived on Wednesday to inaugurate this program. 836 exhibitors and more than 50 thousand visitors from around 26 countries are participating in this three-day event from September 11. Actually, the Indian government has taken a strong decision to make the dream of semiconductor production in India come true.
India will become a global semiconductor hub!
PM Modi said that India is now the eighth country in the world where this event related to global semiconductors is being held. Calling it the right time and the right place, he said that today’s era is of ‘silicon diplomacy’. PM Modi said that India has signed many agreements with Japan, Singapore and America and cooperation with these countries is continuously increasing. In this program, CM Yogi Adityanath said that his government is giving 50 percent additional capital subsidy and up to 75 percent land rebate to promote investment in the semiconductor and IT sector. UP is already playing a major role in the field of semiconductor design and 6 major companies are established here.
Golden future of India’s semiconductor market
India’s semiconductor market is estimated to reach $55 billion by 2026 and $110 billion by 2030. Currently, semiconductors are used in smartphones, cars, data centers and other electronic equipment. Due to tension between China and America, the shares of semiconductor companies are seeing a rise. Many companies in India are involved in plans to make semiconductor chips. These include HCL Technologies, Bharat Electronics, Vedanta Limited and Dixon Technologies. The shares of these companies are also seeing a rise. Dixon Technologies has given more than 140 percent return in the last one year.
According to PM Modi, India’s dream is that Indian chips should be used in every electronic device in the world. He has invited investments to promote semiconductor manufacturing in India. India is becoming competitive in this field. Citing the example of Covid-19, he said that the semiconductor supply chain is very important for the whole world and India is preparing a strong foundation for it with the help of stable policies and technology.
This is the strategy of PM Modi
With India’s electronics sector currently valued at over $150 billion, PM Modi has set a big target of growing the country’s electronics sector to $500 billion and creating 6 million jobs by the end of this decade. He said this growth will directly benefit India’s semiconductor sector. Our goal is to have 100 per cent of electronics manufacturing in India.
Highlighting the success of Digital India, the PM said that the necessary reforms and infrastructure were initiated to make mobile handsets and data affordable in India. He said that a decade ago India was the largest importer of mobile phones while today, it is the world’s second largest producer and exporter of mobile phones. Citing India’s rapid progress in the 5G handset market, he said that India is now the second largest in the global market for 5G handsets.
He also spoke of the government’s focus on securing critical minerals needed for the semiconductor industry and mentioned the recently announced Critical Minerals Mission to boost domestic production and foreign acquisitions. He said India is rapidly working on custom duty exemptions and mining auctions of critical minerals. PM Modi also unveiled plans to set up a semiconductor research centre at the Indian Institute of Space Science in collaboration with IITs to produce not just today’s high-tech chips but also next-generation chips.
‘Silicon Diplomacy’ in the world today
Speaking about international cooperation, the Prime Minister referred to ‘oil diplomacy’ and said that the world today is moving into an era of ‘silicon diplomacy’. The Prime Minister informed that India has been elected as the Vice Chair of the Supply Chain Council of the Indo-Pacific Economic Framework and is a key partner in the QUAD semiconductor supply chain initiative. Additionally, agreements have been signed with countries such as Japan and Singapore, and India is deepening its cooperation with the US in the semiconductor sector.
On this occasion, Tata Electronics Chairman and CEO Dr. Randhir Thakur praised PM Modi for bringing the semiconductor industry to India. He recalled the occasion of laying the foundation stone of India’s first commercial fab in Dholera and India’s first indigenous OSAT factory in Jagiroad, Assam on March 13 this year and said that both the projects have received approval from the government in record time.
Highlighting the 11 critical sectors for chipmaking, Dr Thakur said that all these sectors are present on the same platform here at SEMICON 2024 due to the efforts of the Government. He said that important partnerships between representatives of all sectors for future growth have been established due to the global outreach of the Prime Minister and the special focus given to India’s semiconductor mission. He assured the Prime Minister that the semiconductor industry will form the basis of the vision of Developed India 2047 and will also have a multi-pronged impact on employment generation.
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