During the September 11–13 SEMICON India 2024 event, Prime Minister Shri Narendra Modi presented a daring plan to establish India as a major participant in the global semiconductor sector. He outlined several important projects and audacious objectives to spur significant development and innovation in this vital industry in his speech.
PM Modi kicked off his remarks by praising India for becoming the eighth nation in the world to host a substantial event centered around semiconductors. This significant achievement highlights the strategic potential for investment in the semiconductor business and demonstrates India’s growing prominence in the global semiconductor scene.
The prime minister stressed the need to invest early in India’s semiconductor sector and reassured leading figures in the industry and international investors about the nation’s potential for prosperity. Declaring that the world can rely on India’s developing semiconductor ecosystem “when the chips are down,” Modi Ji expressed confidence in the nation’s capacity to contribute significantly to worldwide developments in this sector.
India’s Expanding Influence in The Global Semiconductor Market
Assuring the audience that India has the potential for success, he emphasized that now is the ideal moment to invest in the country’s semiconductor sector. “When the chips are down,” as the saying goes, the world can rely on India’s expanding semiconductor ecosystem, he said.
The prime minister further emphasized the value of collaboration between the public and private sectors. The Indian semiconductor industry can produce unique diodes that allow energy to flow both ways. While businesses invest and add value, the government offers stable policies and facilitates commercial transactions.
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India’s Expanding Influence in The Global Semiconductor Market
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India’s Prospective Workforce in Semiconductors
Noting that India presently produces 20% of the world’s talent for semiconductor design, PM Modi emphasized India’s important contribution to the field.
He also discussed plans to hire 85,000 competent workers, including engineers, technicians, and R&D specialists, to prepare the business’s workforce in the next several years. He emphasized the significance of teaching and training experts and students to satisfy the semiconductor industry’s needs.
PM Modi announced the creation of a Rs 1 trillion research budget through the Anusandhan National Research Foundation to strengthen India’s research capacities and further encourage innovation.
Funding to Assist the Production of Semiconductors
The government’s intention to boost chip output in India was one of PM Modi’s main talking points. He declared that state governments would actively be involved in the process, with the federal government providing 50% financial assistance to establish semiconductor manufacturing plants.
Over Rs 1.5 trillion in investments have been made, and additional projects are anticipated. The Prime Minister also discussed the all-encompassing strategy used by the SEMICON India Program, which offers funding for front-end fabs and display fabs, along with semiconductor manufacturing guarantee that all essential elements of the supply chain are taken care of.
Focus On Critical Minerals and International Collaboration
PM Modi discussed the government’s initiatives to obtain vital minerals necessary for the semiconductor sector. He announced the establishment of the Critical Mineral Mission, which seeks to ensure the procurement of certain minerals from abroad while increasing home production. He also mentioned the mining auctions and exemptions from customs duties that are being implemented to help the semiconductor industry.
He also discussed international cooperation, pointing out that India has good ties with the US and Japan, among other nations. India has inked many agreements to promote international semiconductor cooperation and is a major player in the QUAD Semiconductor Supply Chain Initiative.
Prospects for Semiconductors and Electronics
India hopes to develop the electronics industry to $500 billion by the end of the decade and generate 6 million jobs, a goal that the Prime Minister shared.
He said that the semiconductor sector will directly profit from this increase. India now has a $150 billion electronics industry, and PM Modi emphasized the advancements made in the nation’s mobile phone production, especially about 5G devices.
India is now the world’s second-largest manufacturer and exporter of mobile phones, having previously been a significant importer. PM Modi said that India wants to guarantee that all electronic production, including chip manufacture, is done in the country.
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What is SEMICON India 2024?
The three-day SEMICON India 2024 conference will be held from September 11 to 13, 2024. The event highlights the nation’s semiconductor strategy and policy and aims to establish India as a global semiconductor design, manufacturing, and technology centre.
With an emphasis on India’s increasing prominence internationally, more than 250 exhibitors and 150 speakers from every continent have gathered to discuss the semiconductor industry’s prospects.
Conclusion
In his speech at SEMICON 2024 event, Prime Minister Shri Narendra Modi emphasized India’s aspirational goal of becoming a worldwide semiconductor centre. India is establishing itself as a major participant in this vital industry, emphasizing building a robust semiconductor ecosystem, increasing local production, encouraging research and innovation, and collaborating with international tech giants.
The government’s endeavors, encompassing talent enhancement and infrastructure allocation, demonstrate its dedication to diminishing dependence on imports and establishing an independent, state-of-the-art semiconductor sector. As these initiatives pick up steam, India will play an increasingly important role in determining the direction of global technology.
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Frequently Asked Questions
What is SEMICON India 2024?
SEMICON India 2024 is being organized from 11 to September 13 with the theme 'Shaping the Semiconductor Future'. The three-day conference showcases India's semiconductor strategy and policy, which envisions making India a global semiconductor hub.
What is the outlook for the semiconductor industry in 2024?
Global sales of US$588 billion are now predicted for 2024. That would be 13% better than 2023 but 2.5% higher than 2022's record industry revenues of US$574 billion.
What is the aim of the India Semiconductor Mission?
India Semiconductor Mission (ISM) is a specialized and independent Business Division within the Digital India Corporation that aims to build a vibrant semiconductor and display ecosystem to enable India's emergence as a global hub for electronics manufacturing and design.
What is the Semicon India Scheme?
The Semicon India Program aims to provide attractive incentive support to companies/consortia engaged in Silicon Semiconductor Fabs, Display Fabs, Compound Semiconductors / Silicon Photonics / Sensors (including MEMS) Fabs, Semiconductor Packaging (ATMP / OSAT), and Semiconductor Design.
What is the theme of SEMICON India?
To this vision, SEMICON India 2024, with the theme “Shaping the Semiconductor Future,” will be organized from September 11 to September 13. The three-day conference will showcase India's semiconductor strategy and policy, which envisions making India a global semiconductor hub.
What is the future of the semiconductor industry in India?
The semiconductor industry in India is anticipated to generate over 300,000 jobs by 2026, encompassing diverse roles such as testing, engineering, software development, system circuits, validation, and operations.
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