“India’s semiconductor mission is not just about meeting domestic demands, but also about moving towards fulfilling global needs,” Prime Minister Narendra Modi said at the 7th edition of the India Mobile Congress today.
This follows the approval of a Memorandum of Cooperation (MoC) between India and Japan on the Semiconductor Supply Chain Partnership by the Union Cabinet. The landmark agreement, signed in July 2023, seeks to enhance the semiconductor supply chain, recognising its pivotal role in the advancement of industries and digital technologies.
Modi expanded on the need for a thriving semiconductor ecosystem by saying, “It is important to set up a strong semiconductor manufacturing sector in India for the success of hardware and software in the tech ecosystem.”
He added that the government is giving the sector a push through public sector investments and scenes.
“The Indian government has already set up a Rs 80,000 crore PLI scheme for the development of semiconductors in India,” the PM said, addressing a huge crowd in Delhi.
Modi went on to underline the fact that India has recently witnessed a slew of investments in the semiconductor space. “Companies from around the world have partnered with Indian companies to invest and set up semiconductor assembly and testing facilities,” he said.
With firms like US-based Microchip unveiling its $300 million investment plan, India truly looks to rally this space. Moreover, Micron is constructing a $2.75 billion semiconductor factory in Gujarat.
Additionally, Foxconn’s $8 billion investment in India is expected to increase fivefold in the coming three years. These investments signify the growing interest in India’s semiconductor industry and its potential for substantial growth.
The Prime Minister also spoke about how a vision for electronic manufacturing has helped India’s ascent towards becoming the second largest manufacturer of phones behind China. “You must’ve witnessed Goggle’s announcement of their plans to manufacture their Pixel phones in India. On the other hand, Samsung and Apple have already started the manufacturing of their Fold 5 and iPhone 15,” he said.
“We were mobile importers and have become mobile exporters,” the PM gushed.
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