Prime Minister Narendra Modi praised India's potential in semiconductor chips on Wednesday, saying it is the "right time" to invest in the country, which plans to grow its electronics sector to $500 billion by the end of the decade. "When the chips are down, you can bet on India," he remarked at the Semicon India conference in Greater Noida. "This is the ideal moment to visit India. "You are in the right place at the right time."
"India's electronic sector is already valued at more than $150 billion, and our goal is considerably higher. By the end of this decade, we want to have reached $500 billion in electronics output, creating around 6 million employment for the country's youth," he stated. India now provides 20% of global semiconductor design and plans to increase this proportion. "We are developing an 85,000-person workforce in the semiconductor area. India's focus is on preparing its schools and people for the sector."
The Indian semiconductor sector has "3D power: a reformist government, a growing manufacturing base, and an aspirational market."Initiatives like a Rs 1 trillion research and development fund and a "360-degree approach" to attracting investors and developing supply chains aided it as well.
"For India, chips are a method to meet people's dreams. We constructed the world's greatest digital public infrastructure on this chip, which is assisting us in ensuring last mile connection."
"We have taken several initiatives to boost semiconductor production, including 50% funding from the central government and extra help from state governments. Because of India's policies, Rs 1.5 trillion worth of projects have already been sanctioned in India, with many more in the works," he said.
