PM Modi at SEMICON 2024: 'When the Chips are Down, You Can Bet on India!'

PM Modi inspects an exhibition at the India Expo Mart

Prime Minister Narendra Modi inaugurated the Semicon India 2024 summit at the India Expo Mart in Greater Noida, highlighting India’s ambitions in the global semiconductor industry. In his address, he emphasised, “This is the right time to invest in India. When the chips are down, you can bet on India!”

PM Modi shared his vision, stating, “My dream is that every device worldwide should have a chip made in India.” His statement underscores India’s growing prominence in the semiconductor sector, which has already attracted investments of over ₹1.5 trillion.

India’s Rapid Semiconductor Growth
India’s semiconductor industry is equipped with “special diodes,” according to PM Modi, as he outlined the nation’s achievements in building a resilient semiconductor ecosystem. He emphasized that the government is committed to fostering a conducive environment for businesses through stable policies and ease of doing business.

Key highlights of his speech include:

• India’s contribution of 20% to the global semiconductor design talent.
• The creation of an 85,000-strong semiconductor workforce, including technicians, engineers, and R&D specialists.
• A research fund of ₹1 trillion to bolster semiconductor infrastructure and innovation.
• With its large consumer market and a rapidly growing manufacturing base, India is poised to become a global semiconductor hub. “We have built the world’s best digital public infrastructure on this very chip,” said Modi, reflecting India’s commitment to the digital and semiconductor revolution.

Semicon 2.0: Expanding India’s Semiconductor Mission
In a significant development, Union Minister Ashwini Vaishnaw announced that the government will soon launch Semicon 2.0, expanding upon the success of the first phase. “Semicon 2.0 will be unveiled in three to four months and will focus on the complete value chain,” Vaishnaw revealed at the summit.

The first phase, Semicon 1.0, launched in December 2021, saw an outlay of ₹76,000 crore and has paved the way for substantial progress in India’s semiconductor sector. Global industry leaders have praised India’s growing ecosystem, and the minister noted the country’s strategic position to attract more investment.

New Semiconductor Units and Strategic Expansion
India’s semiconductor landscape is rapidly expanding, with the government approving five semiconductor manufacturing units. Construction is already underway at two sites, and three more will soon follow. Notably, Micron’s high-end semiconductor fabrication plant in Sanand, Gujarat, is progressing swiftly and is expected to be operational by late 2024.

Vaishnaw also disclosed plans for upgrading the semiconductor lab in Mohali, further boosting India’s capabilities in semiconductor R&D. Additionally, several new proposals, including one for Uttar Pradesh, are currently under evaluation, with approvals expected soon.

Also read: India’s Push to Lead Semiconductor Market by 2030

India’s Electronics Sector: A $500 Billion Goal
At Semicon India 2024, PM Modi outlined India’s ambitious goal to grow its electronics sector from its current valuation of $150 billion to $500 billion by 2030. This massive expansion aims to create six million jobs and ensure that 100% of electronic manufacturing occurs within India.

“Our goal is to make not just semiconductor chips but also the finished electronic products,” PM Modi stated, underscoring India’s drive to become a global leader in electronics manufacturing.