Politics
India has the potential to become a trusted partner in semiconductor supply chain, says PM Modi | News
Prime Minister Modi assured the leaders that the Indian government would follow a predictable and stable political system. (Photo: PTI)
Asserting that democracy and technology together can ensure the well-being of humanity, Prime Minister Narendra Modi on Tuesday said India has the capability to become a trusted partner in a diversified semiconductor supply chain and assured that the government will follow a predictable and stable policy regime.
Prime Minister Modi made the statement while chairing a roundtable meeting of semiconductor industry leaders at his residence on 7 Lok Kalyan Marg. During the meeting, he said that their ideas will shape not only their business but also the future of India, according to a statement issued by the Prime Minister's Office.
Emphasising that the coming era will be technology-driven, Modi said semiconductors form the foundation of the digital era and the day is not far when the semiconductor industry will form the very foundation of basic needs.
Prime Minister Modi stressed that democracy and technology together can ensure the well-being of humanity and India is moving forward on this path by acknowledging its global responsibility in the semiconductor sector.
He spoke about the pillars of development which include developing social, digital and physical infrastructure, boosting inclusive development, reducing the burden of compliance and attracting investments in manufacturing and innovations, the statement said.
Modi stressed that India has the capacity to become a trusted partner in a diversified semiconductor supply chain.
Prime Minister Modi spoke about India's talent pool and the government's immense focus on skills to ensure that a skilled workforce is available for the industry.
He said India's focus is on developing globally competitive products.
Modi stressed that India is an excellent market for investing in high-tech infrastructure and said the enthusiasm shared by semiconductor industry leaders today will motivate the government to work harder for the sector.
Prime Minister Modi assured the leaders that the Indian government would follow a predictable and stable political regime.
With emphasis on Make In India and Make for the World, the Prime Minister said, the government will continue to support the industry at every stage.
The CEOs appreciated India's commitment towards the growth of the semiconductor sector and said it was unprecedented that leaders from across the semiconductor industry had been brought together under one roof, the statement said.
They talked about the immense growth and future scope of the semiconductor industry.
They also said that the centre of gravity of the semiconductor industry is starting to shift towards India, adding that the country now has an industry-friendly environment which has put India on the global map in the semiconductor sector.
Expressing their belief that what is good for India will be good for the world, they said India has incredible potential to become a global powerhouse in the field of raw materials in the semiconductor sector.
Appreciating the business-friendly environment in India, the CEOs said that in a world characterised by a complex geopolitical situation, India is stable.
Underlining their immense confidence in India's potential, they said there is a unanimous consensus in the industry that India is the place to invest.
They also recalled the encouragement given by the Prime Minister in the past and said that the huge opportunities present in India today have never been seen before and they are proud to associate with India.
The meeting brought together CEOs, directors and representatives from various organizations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, Tokyo Electron Ltd, Tower, Synopsys, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology.
Also present at the meeting were professors from Stanford University, University of California, San Diego and IIT Bhubaneswar.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 10, 2024 | 10:23 p.m. EAST
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