India is on the cusp of a technological revolution, with semiconductors at the core of its strategy for growth. On September 10, 2024, Prime Minister Narendra Modi chaired a Semiconductor Executives’ Roundtable at his residence in New Delhi. This high-profile event brought together the leaders of global semiconductor companies and marked a significant moment for India's tech aspirations.
Semiconductors: The Backbone of the Digital Era
In his remarks, PM Modi emphasized that semiconductors are the foundation of the Digital Age, underlining their importance across various sectors. He stated that the semiconductor industry will soon play a critical role in fulfilling even basic necessities, showing how deeply intertwined technology and everyday life will become. As industries worldwide continue to digitize, semiconductors are no longer just components for electronics but the bedrock of technological advancement.
Democracy and Technology: A Powerful Alliance
The Prime Minister’s vision goes beyond just economic growth—he emphasized how democracy and technology can together ensure the welfare of humanity. By leveraging its democratic institutions and technological capabilities, India is positioning itself as a key player in shaping the future of the semiconductor industry.
India: A Trusted Partner in the Semiconductor Supply Chain
In today's complex global landscape, ensuring a diversified semiconductor supply chain is crucial. India, with its rich talent pool, favorable business environment, and stable government policies, is poised to become a reliable partner for semiconductor companies looking to expand their global footprint. PM Modi reassured industry leaders that his government would continue to support their endeavors through a predictable and stable policy regime, which is essential for long-term investment.
Industry Confidence: Shifting Center of Gravity
The executives at the roundtable expressed optimism about India’s future in the semiconductor sector. Many CEOs, including leaders from Micron, NXP, and Renesas, highlighted how the center of gravity of the semiconductor industry is starting to shift toward India. They noted that India’s potential and opportunities are unprecedented, with investment-friendly policies and a large, skilled workforce offering a competitive edge.
India's Global Semiconductor Hub Vision
With India’s focus on skilling and innovation, the country is set to develop globally competitive products that cater to the world's growing tech needs. PM Modi reaffirmed his government’s commitment to making India a hub for semiconductor manufacturing and innovation. The meeting underscored that the country is not just a market but also an active participant in the global semiconductor supply chain.
Conclusion
As the global semiconductor industry shifts, India is ready to play a pivotal role. The discussions during the roundtable reflect a unanimous consensus that India is the place to invest for the semiconductor industry’s future. With government support, a skilled workforce, and the right policies, India is on the path to becoming a semiconductor powerhouse, driving innovation and technology for the world.
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