On Wednesday, Prime Minister Narendra Modi inaugurated SEMICON India 2024 at the India Expo Mart in Greater Noida, Uttar Pradesh. The event marks a significant milestone in India’s ambition to become a global leader in the semiconductor industry. PM Modi’s speech emphasized the strategic importance of the semiconductor sector for India’s future and highlighted the country’s growing prominence in this critical field.

India’s Semiconductor Vision: A Supportive Ecosystem

In his address, PM Modi underscored that now is the optimal time to invest and innovate in India. He confidently proclaimed, “In the 21st century in India, the chips are never down. The world can bet on India when the chips are down.” This statement reflects India’s commitment to creating a robust and supportive environment for the semiconductor industry.

The Prime Minister highlighted the government’s efforts in establishing favorable business conditions, including consistent policies and infrastructure that cater to the semiconductor sector. This proactive approach aims to attract global companies and position India as a key player in the semiconductor market.

Building a Skilled Workforce

PM Modi also focused on the development of a skilled workforce to support the semiconductor industry. The government is committed to training and producing 85,000 engineers, technicians, and R&D experts. This initiative is crucial for building a strong foundation for India’s semiconductor ambitions and addressing the industry’s growing demand for specialized talent.

The ‘3-D Power’ of India’s Semiconductor Sector

The Prime Minister referred to India’s semiconductor sector as possessing a “3-D power” that drives its growth. This includes:

A Reform-Minded Government: The Indian government’s progressive policies and support for the industry.

An Expanding Manufacturing Base: The growth of local manufacturing capabilities and infrastructure.

A Burgeoning Market: India’s expanding consumer base and increasing demand for semiconductor technology.

PM Modi emphasized that semiconductor chips are integral to India’s Digital Public Infrastructure (DPI), which demonstrated resilience during the COVID-19 pandemic, unlike many banking systems globally. This resilience underscores the importance of strengthening India’s semiconductor capabilities.

Market Potential and Future Growth

India’s semiconductor market, currently valued at approximately $23.2 billion, is projected to grow to $80.3 billion by 2028, reflecting a compound annual growth rate (CAGR) of 17.10%, according to Invest India. This significant growth trajectory highlights the sector’s potential and the opportunities it presents for investors and industry stakeholders.

SEMICON India 2024: Showcasing India’s Semiconductor Strategy

The SEMICON India 2024 event, spanning three days, aims to showcase India’s semiconductor strategy and policies. The conference will serve as a platform for leading global semiconductor firms, industry leaders, and experts to discuss and explore opportunities within the Indian market. This event is a testament to India’s vision of establishing itself as a global hub for semiconductor manufacturing and innovation.

Conclusion

With PM Modi’s strong endorsement and the government’s supportive measures, India is poised to make substantial advancements in the semiconductor industry. The focus on infrastructure, workforce development, and market growth positions India as a strategic player in the global semiconductor landscape. As SEMICON India 2024 unfolds, it will further solidify India’s role in shaping the future of semiconductor technology.