'Govt Offering 50% Support For Setting Up Semiconductor Factories': PM Modi Highlights India's Plans To Boost Sector At Semicon India 2024

PM Modi stated that India is preparing a skilled workforce of 85,000 technicians, engineers, and researchers to support the semiconductor industry.

Modi also underscored India's significance as the eighth country globally to host a major semiconductor event.

Source : ANI

Prime Minister Narendra Modi inaugurated Semicon India 2024 at the India Expo Mart, emphasising India's growing role in the global semiconductor industry. He stated that for India, semiconductors represent a key driver of the nation's aspirations, playing a vital role in the country's advanced digital infrastructure. "India is a major consumer of chip", PM Modi said, stating that India has utilised this technology to build one of the world's best digital public infrastructures. "In India, to ensure last-mile delivery, this small chip has become very useful," the Prime Minister added.

#WATCH | Greater Noida: During the inauguration event of SEMICON India 2024, at the India Expo Mart, PM Modi says, "...Today India's mantra is increasing the numbers of chips produced in India. Therefore, to promote semiconductor manufacturing, we have taken several steps. In… pic.twitter.com/9fUj9zeOfG

— ANI (@ANI) September 11, 2024

India's Plan To Boost Semiconductor Production

PM Modi outlined India's strategy to boost domestic semiconductor production, noting that the Government has introduced several measures to promote manufacturing in this sector. India's focus is on increasing the number of chips produced domestically, the Prime Minister stated. "The Government is offering up to 50 per cent support for setting up semiconductor manufacturing facilities, which has already attracted investments exceeding Rs 1.5 trillion," he added.

Highlighting the talent pool, PM Modi mentioned that India is preparing a skilled workforce of 85,000 technicians, engineers, and researchers to support the semiconductor industry. "India's integrated ecosystem offers unique advantages. Our talent contributes 20 per cent to global design efforts, and this number is set to grow," he said.

'Right Time To Invest In India'

Modi also underscored India's significance as the eighth country globally to host a major semiconductor event, emphasising the opportunities available in the Indian market. "This is the right time to invest in India. In the 21st century, the chips are never down for India. We assure the world that when the chips are down, you can bet on India," he remarked.

Uttar Pradesh Chief Minister Yogi Adityanath and Union Electronics & Information Technology Minister Ashwini Vaishnaw also spoke at the event. CM Adityanath highlighted UP’s initiatives in IT, semiconductors, data centres, and electronics manufacturing under PM Modi's leadership.

#WATCH | Greater Noida: During the inauguration event of SEMICON India 2024, at the India Expo Mart, UP CM Yogi Adityanath says, " ...Under the visionary leadership of PM Modi, UP also started focusing in this direction of IT sector, Semiconductor, data centre and electronic… pic.twitter.com/bUwBPmKP8L

— ANI (@ANI) September 11, 2024

Minister of Electronics and Information Technology Ashwini Vaishnaw praised PM Modi’s vision, noting that five semiconductor units have already been approved in the first phase of India's semiconductor mission, with construction underway on key projects such as the Micron and Morigaon Tata units. He emphasised the Government's commitment to developing a talent pool of 85,000 engineers and technicians within the next decade.

#WATCH | Greater Noida: During the inauguration event of SEMICON India 2024, Ashwini Vaishnaw, Union Electronics & Information Technology Minister says, " After many attempts, finally it was under our PM's visionary leadership that we succeeded in getting the
industry to our… pic.twitter.com/6R5GmlGD6Q

— ANI (@ANI) September 11, 2024

What Is Semicon Indian 2024?

Semicon India 2024 is a three-day conference aimed at showcasing India's strategy and policy initiatives to become a global leader in semiconductor manufacturing and innovation. The event is expected to draw participation from over 250 exhibitors and 150 speakers, reflecting India's expanding influence in the global semiconductor landscape.

India’s push into the semiconductor sector is part of the Indian semiconductor Mission (ISM), launched in December 2021, with a focus on attracting investment and innovation. Supported by a Rs 76,000-crore incentive package and a 50 per cent subsidy on capital expenditure for setting up manufacturing facilities, companies such as Micron, Tata-PSMC, CG Power, and Kaynes Technology have already committed to establishing semiconductor units in the country.