PM Modi talked about the recently announced Semi-con India Programme with a total outlay of over 10 billion dollars. This program aims to provide financial support to companies investing in semiconductors, display manufacturing and design ecosystem
Prime Minister Narendra Modi Friday said that he sees six reasons for India being an attractive investment destination for Semi-conductor technologies. Addressing the inaugural session of Semicon India Conference 2022 being held in Bengaluru via video conferencing, he also underlined the critical role of semiconductors in today’s world.
PM Modi said, “It is our collective aim to establish India as one of the key partners in global semiconductor supply chains. We want to work in this direction based on the principle of Hi-tech, high quality and high reliability.”
6 reasons underlined by PM Modi for India being an attractive investment destination for Semiconductor technologies are:
1 – India is building a digital infrastructure to connect over 1.3 billion Indians
2 – With steps including connecting six hundred thousand villages with broadband investment in developing capabilities in 5G, IoT and clean energy technologies, India is paving the way to lead the next technology revolution
3 – India is headed for robust economic growth with the world’s fastest-growing Startup Ecosystem. India’s own consumption of Semiconductors is expected to cross 80 billion Dollars by 2026 and 110 Billion Dollars by 2030. “New unicorns are coming up every few weeks,” the Prime Minister said.
4 – India has undertaken wide-ranging reforms for improving the ease of doing business in India. The Prime Minister said about measures like the abolition of more than 25,000 compliances, a push towards auto-renewal of licenses, transparency and speed in regulatory framework via digitisation and one of the most favourable taxation structures in the world
5 – India is investing “heavily” in skilling and training young Indians for the needs of the 21st century. “We have an exceptional semiconductor design talent pool which makes up to 20 per cent of the world’s semiconductor design engineers,” PM Modi said, adding that almost all of the top 25 semiconductor design companies have their design or R&D centres in India
6 – India has undertaken several measures towards transforming the Indian manufacturing sector. “At a time when humanity was fighting a once in a century pandemic, India was not only improving the health of our people but also the health of our economy” PM said.
Prime Minister Narendra Modi also talked about “Production Linked Incentives” schemes that offer incentives of over 26 Billion Dollars in 14 key sectors. Over the next five years, the electronics manufacturing sector is expected to see record growth, he informed.
PM Modi also informed the audience about the recently announced Semi-con India Programme with a total outlay of over 10 billion dollars. The program aims to provide financial support to companies investing in semiconductors, display manufacturing and design ecosystems.
PM Narendra Modi also emphasised on the need for government support and assured of the best efforts of the government to provide a conducive environment for business. “While the industry works hard, the government must work even harder,” he said.
He also asked people to seize the opportunity that is emerging. The Prime Minister said, “We have worked hard over the last few years to create an environment that encourages growth. India has an appetite for tech and risk-taking. We have put the odds in your favour as far as possible through a supportive policy environment. We have shown that India means business.”