Semicon India 2024: PM Modi shared a plan to create a workforce of 85,000 skilled professionals, including technicians, engineers, and R&D experts, who will be industry-ready in the coming years.
Prime Minister Narendra Modi addressed the Semicon India 2024 event on Wednesday, highlighting key developments and India’s vision to become a global semiconductor hub.
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During his speech, he mentioned various initiatives and achievements that position India as a key player in the global semiconductor industry. Here are the top five things PM Modi emphasised during his address:
PM Modi said that India is now the eighth country globally to host an event focused on the semiconductor industry.
He pointed out that this is the right time to invest in India’s semiconductor industry, assuring attendees that India is well-positioned for success. Referring to the phrase “when the chips are down,” he remarked that the world can count on India’s growing semiconductor ecosystem.
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The Prime Minister also highlighted the importance of partnerships between industries and the government.
“India’s semiconductor industry is equipped with special diodes where energy flows in both directions. While industries invest and create value, the government on the other hand provides stable policies and ease of doing business,” said PM Modi.
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India’s aspiring semiconductor workforce
PM Modi highlighted India’s significant contribution to semiconductor design, noting that India currently accounts for 20% of global semiconductor design talent.
He also discussed plans to create a workforce of 85,000 skilled professionals, including technicians, engineers, and R&D experts, who will be industry-ready in the coming years.
He underscored the importance of training and educating students and professionals to meet the demands of the semiconductor industry.
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To further support innovation, PM Modi mentioned the establishment of a Rs 1 trillion research fund under the Anusandhan National Research Foundation to enhance India’s research capabilities.
Financial support for semiconductor manufacturing
One of the key points PM Modi focused on was the government’s initiative to support semiconductor manufacturing in India.
He announced that the government is offering 50% financial support for setting up semiconductor manufacturing facilities, with state governments also actively participating in the process.
This has attracted investments worth over Rs 1.5 trillion, and more projects are expected to follow.
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The Prime Minister also spoke about the comprehensive approach under the Semicon India Program, which provides financial assistance for front-end fabs, display fabs, and semiconductor packaging, ensuring that all critical components of the supply chain are covered.
Focus on critical minerals and international collaboration
PM Modi discussed the government’s efforts to secure critical minerals essential for the semiconductor industry. He revealed the launch of the Critical Mineral Mission, which aims to boost domestic production and secure overseas acquisitions of these minerals. Additionally, he touched upon the customs duty exemptions and mining auctions being rolled out to support the semiconductor sector.
He also talked about international collaborations, noting that India is working closely with several countries, including Japan and the US. India is a key partner in the QUAD Semiconductor Supply Chain Initiative and has signed multiple agreements to strengthen global semiconductor cooperation.
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Vision for electronics and semiconductor growth
The Prime Minister shared India’s ambition to grow the electronics sector to $500 billion and create 6 million jobs by the end of the decade.
This growth, he said, will directly benefit the semiconductor industry. India’s electronics sector is currently valued at $150 billion, and PM Modi highlighted the country’s progress in mobile phone manufacturing, particularly in 5G handsets.
India has moved from being a major importer of mobile phones to becoming the world’s second-largest producer and exporter. PM Modi further added that India’s goal is to ensure 100% of electronic manufacturing, including chips, takes place domestically.
What is Semicon India 2024?
Semicon India 2024 is a three-day conference from 11th to 13th September.
The event showcases India’s semiconductor strategy and policy, with the aim of making the country a global hub for semiconductor design, manufacturing, and technology.
Over 250 exhibitors and 150 speakers from across the world have come together to discuss the future of the semiconductor industry, highlighting India’s growing importance on the global stage.
