PM Modi Shares 6 Reasons Why India Is The Next Big Destination For Semiconductor Tech

Prime Minister Narendra Modi addressed the inaugural session of the Semiconductor India Conference 2022 in Bengaluru today, April 29. During his speech, PM Modi highlighted six reasons as to why India is set to become an attractive destination for the emerging semiconductor sector. Amid the global chipset shortage, India is pushing hard to become a leading hub for the semiconductor industry. A semiconductor is a substance that has specific electrical properties that enable it to serve as a foundation for computers and other electronic devices. As the Union government continues to promote the Digital India initiative aggressively, these components are crucial for transformation.

In his address, PM Modi laid down six reasons for India to become an attractive investment destination for semiconductor technologies.

He claimed that the government is building the digital infrastructure to connect over 1.3 billion Indians. “UPI is the world’s most efficient payment infrastructure today. We are using digital technology to transform lives in all sectors of governance from health and welfare," he added.

Second, India is paving the way for the country to lead the next “technology revolution".The government is investing in developing capabilities in 5G, IoT and clean energy technologies. It is also investing in data, AI and other technologies.

Third, India is said to be the world’s “fastest-growing Startup Ecosystem". PM Modi was referring to the number of unicorns the country produced in the last few months. He added saying, “India’s own consumption of semiconductors is expected to cross 80 billion Dollars by 2026 and 110 Billion Dollars by 2030".

Fourth, the government has undertaken a wide range of reforms for improving the ease of doing business in India. Last year, it abolished more than 25,000 compliances and gave a push towards auto-renewal of licences. Similarly, digitisation is also bringing speed and transparency to the regulatory framework, he noted.

The fifth reason being is that the government is investing heavily in skilling and training young Indians for the “needs of the 21st century". The PM said that India leads in the semiconductor design talent pool, which makes up to 20 percent of the world’s semiconductor design engineers. Almost all of the top 25 semiconductor design companies have their design or R&D centres in our country.

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Lastly, India has undertaken measures toward transforming the Indian manufacturing sector. PM Modi said that India’s taking measures to tackle the COVID-19 pandemic to improve the health of people and the economy.

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