While addressing to global semiconductor leaders, India's Prime Minister Narendra Modi declared that the present moment is the ideal time to invest in India's semiconductor manufacturing sector. The Prime Minister's statement came during his speech at the 'Semicon India 2024' event, held in Greater Noida. The event was attended by key industry stakeholders, and the Prime Minister's words were directed towards them. The Prime Minister's invitation to global semiconductor leaders was not without reason. He highlighted the integrated ecosystem that India offers to global players, the ease of doing business in the country, and the large talent pool that is available. He confidently stated, Chips are never down in India, and encouraged the leaders to bet on India's growth story.
The Prime Minister's words were not just empty promises. He backed his invitation with concrete plans and initiatives that the Indian government has undertaken to support the semiconductor industry. He mentioned the 'Anusandhan fund,' a Rs 1 lakh crore fund aimed at supporting basic research and prototype development, including in the field of semiconductors. This fund is expected to spur private sector-driven research and innovation on a commercial scale. The Indian government's commitment to the semiconductor industry goes beyond financial support. The Prime Minister revealed that the government is building an 85,000-strong semiconductor workforce comprising technicians, R&D experts, and designers. This is in line with India's claim of having 20 per cent of the global talent in semiconductor design, a figure that is consistently growing.
To achieve this, the government has tied up with more than 113 universities, academic institutions, and R&D organizations. These collaborations are aimed at developing a strong talent pool of 85,000 engineers and technicians, thereby ensuring that the semiconductor industry in India will have a steady supply of skilled manpower. The Prime Minister's words were well-received by the global semiconductor leaders. Top CEOs of semiconductor companies, including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, Tokyo Electron Ltd, Tower, Synopsys, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power, and Kaynes Technology, hailed PM Modi's leadership. They stated that he has inspired not just India but the entire world.
The Prime Minister's invitation to global semiconductor leaders to invest in India is reminiscent of similar initiatives in the past. In the 1990s, India opened up its economy to foreign investments, leading to a boom in the IT sector. The current invitation to semiconductor leaders could potentially lead to a similar boom in the semiconductor industry. Prime Minister's invitation to global semiconductor leaders to invest in India is a significant step towards making India a global hub for semiconductor manufacturing. With the government's commitment to supporting the industry through financial aid, talent development, and ease of doing business, India is well on its way to becoming a major player in the global semiconductor industry. This move is not just a testament to India's growth story but also a reflection of the country's potential to be a leader in the global semiconductor market.
