India Will Give 50 Per Cent Financial Assistance To Companies Who Manufacture Semiconductors In The Country: PM Modi

Major companies like Foxconn, AMD, IBM, etc. are expected to participate in 'Semicon India', which was hailed as the beginning of 'Industry 4.0' by the Prime Minister

The event will be held in Gandhinagar from July 28-30

Source : PTI

Prime Minister Narendra Modi addressed 'Semicon India'  2023 on Friday morning and said, "This event is similar to how it is necessary to update software. Through SemiconIndia, relations with Industry, experts and policymakers keep updating. I also think that this is essential for the synchronisation of relations", while welcoming all the participants, both local and global. 

He further added, "Today, the world is becoming a witness to Industry 4.0. Whenever the world has undergone any industrial revolution, its foundation has been the aspirations of the people of any region. This was the relation between earlier industrial revolutions and the American dream. Today, I can see the same relations between the fourth industrial revolution and Indian aspirations."

According to PTI, Modi said that the technology firms will be given 50 per cent financial assistance for setting up semiconductor manufacturing facility in the country.

India will give 50 per cent financial assistance to companies who manufacture semiconductors in the country: PM Modi

— Press Trust of India (@PTI_News) July 28, 2023

The PM arrived in Gandhinagar to inaugurate the second edition of 'Semicon India' being organised from July 28-30. With companies like Foxconn, AMD, IBM, Vedanta, among others in participation, the event will bring into focus India's dedication and commitment towards developing global semiconductor manufacturing and design ecosystem.

#WATCH | At SemiconIndia Conference 2023, PM Narendra Modi says, "Today, the world is becoming a witness to Industry 4.0. Whenever the world has undergone any industrial revolution, its foundation has been the aspirations of the people of any region. This was the relation between… pic.twitter.com/cCeLLHwIGb

— ANI (@ANI) July 28, 2023

PM Modi has been on a two-day visit to Gujarat. On Thursday, he inaugurated a greenfield international airport near Rajkot city, along with other development projects, reported PTI. 

'Semicon India 2023' is a national-level event focusing on the semiconductor industry. The program aims to highlight Indian semiconductor sector and the investment opportunities available in it. 

Talking about 'Semicon India's first event in Bengaluru, the PM said, "Last year, we all participated in the first edition of SemiconIndia. At that time it was being discussed - why invest in the semiconductor sector in India? When we are meeting now, a year later, the question has changed. Now it is being said - why not invest? It is not only the question that has changed but also the direction of the wind. This change has been brought about by you and your efforts...You have connected your future to India's aspirations. You have connected your dreams with India's capability and India never disappoints anyone."

#WATCH | At SemiconIndia Conference 2023, PM Narendra Modi says, "Last year, we all participated in the first edition of SemiconIndia. At that time it was being discussed - why invest in the semiconductor sector in India? When we are meeting now, a year later, the question has… pic.twitter.com/VyV0AMDABP

— ANI (@ANI) July 28, 2023

The conference will last for three days, ending on July 30, and will be a platform for experts from the fields of semiconductor chip, display fab, chip design, and assembling, to provide their input and analysis on the emerging opportunities in India. 

Some of the companies participating in the event include Micron, Foxconn, AMD, IBM, Marvell, Vedanta, LAM Research, NXP Semiconductors, Grantwood Technologies, Infineon Technologies, ST Microelectronics, Applied Materials.

Earlier this week, Gujarat Chief Minister Bhupendra Patel, inaugurated a six-day exhibition on Tuesday. The exhibition showcases the detailed manufacturing process of semiconductors and gives an insight into the new technologies and innovations in the industry. 

Minister of Electronics and Information Technology, Railways and Communication Ashwini Vaishnaw, Minister of External Affairs S Jaishankar, and Minister of State for Electronics and Information Technology Rajeev Chandrasekhar are also expected to attend the event. 

Gujarat government has also signed a memorandum of understanding (MoU) with Micron Technology worth Rs 22,500 crore to establish an Assembly, Testing, Marking and Packaging (ATMP) facility in the state. Additionally, the United States President Joe Biden announced the establishment of a state-of-the-art semiconductor facility by Micron in India during PM Modi's recent visit.