At the Semicon India 2024 event, which spanned from September 11th to 13th, Prime Minister Narendra Modi articulated a bold vision aimed at positioning India as a prominent global player in the semiconductor industry. His address highlighted several key initiatives and ambitious goals designed to catalyze substantial growth and innovation within this critical sector. Modi's speech began with a celebration of India's achievement in hosting a major semiconductor-focused event, marking the country as the eighth globally to do so. This milestone reflects India's increasing significance in the global semiconductor landscape and underscores the strategic opportunity for investment in the sector.Â
The Prime Minister emphasized the timeliness of investing in India’s semiconductor industry, reassuring global investors and industry leaders of the country’s readiness for success. Using the expression "when the chips are down," Modi conveyed that the world can depend on India’s evolving semiconductor ecosystem, demonstrating confidence in the country’s ability to contribute meaningfully to global advancements in this field.
One of the central elements of Modi's address was the ambitious plan to develop a workforce of 85,000 skilled professionals, including technicians, engineers, and research and development experts. This initiative aims to equip India with a highly trained talent pool prepared to meet the future demands of the semiconductor industry. Modi highlighted that India currently accounts for 20% of the global semiconductor design talent, underscoring the country's existing strengths and its dedication to further enhancing its expertise in this vital sector.
The Prime Minister also detailed the government’s comprehensive support for semiconductor manufacturing in India. He announced that the government would provide 50% financial backing for the establishment of semiconductor manufacturing facilities, with state governments also playing an active role in the process. This initiative has already attracted investments exceeding Rs 1.5 trillion, and the government has introduced a Rs 1 trillion research fund under the Anusandhan National Research Foundation to bolster India's research capabilities in the semiconductor field.
Modi addressed the strategic importance of securing critical minerals necessary for semiconductor production. He introduced the Critical Mineral Mission, which aims to enhance domestic production and secure international sources of these crucial resources. The mission includes measures such as customs duty exemptions and mining auctions to support the semiconductor industry. Additionally, Modi highlighted India’s engagement in international collaborations, noting partnerships with countries such as Japan and the US. India’s involvement in the QUAD Semiconductor Supply Chain Initiative and various agreements underscores its commitment to strengthening global semiconductor cooperation.
The Prime Minister also shared a visionary goal for the expansion of India’s electronics sector, aiming to grow it to $500 billion by the end of the decade. This ambitious target includes the creation of 6 million new jobs, which is expected to significantly benefit the semiconductor industry. Modi pointed out that India’s electronics sector, currently valued at $150 billion, has made considerable progress, especially in mobile phone manufacturing and 5G technology. The country’s transition from a major importer of mobile phones to becoming the world’s second-largest producer and exporter highlights its increasing influence in the electronics domain. Modi emphasized that the ultimate goal is for India to achieve 100% domestic manufacturing of electronic products, including semiconductors.
Semicon India 2024 served as a crucial platform for showcasing India’s semiconductor strategy and policy framework. The conference provided a comprehensive overview of India's aspirations to become a global hub for semiconductor design, manufacturing, and technology. With over 250 exhibitors and 150 speakers from around the world, the event facilitated extensive discussions on the future of the semiconductor industry and underscored India’s growing importance on the global stage.
Â
