'Every machine in the world should have a chip made in India', PM Modi told what the plan is

Semicon 2024:  Prime Minister Modi said that this is the right time to be in India. You are present at the right place at the right time. Today's India gives the world the confidence that when the situation is not good, you can bet on India.

Narendra Modi: Prime Minister Modi on Wednesday called for promoting investment in domestic manufacturing of semiconductors, saying that strengthening supply chains is important for the economy. He said that semiconductors are the basis of every product based on cutting-edge technology, from smartphones to electric vehicles and artificial intelligence (AI). 

Addressing the 'Semicon-2024' conference organized in Greater Noida, he said that the importance of the supply chain has been realized by everyone due to the COVID-19 pandemic. He emphasized the need to take steps to overcome any such disruption in the future. During the COVID-19 pandemic, the world had to face major supply shocks. The strict measures taken in China greatly affected the industries and sectors dependent on imports from that country. This also led to a shortage of semiconductor chips in India, which is an important part of all electronic devices.

Prime Minister Modi told the stakeholders of the semiconductor industry, "This is the right time to be in India. You are in the right place at the right time. Today's India gives the world the confidence that when the conditions are not good, you can bet on India." 

He said that our dream is that every device in the world should have a chip made in India. We will make every possible effort to make India a superpower in the semiconductor sector.

Discussing the steps taken by his government to promote semiconductor manufacturing, he said a reformist government, a growing manufacturing base and aspiring markets that are technology conscious provide the "three-dimensional power" for chip manufacturing in the country. He said more than Rs 1.5 lakh crore has already been invested in semiconductor manufacturing and many projects are at the approval and proposal stage. 

India has created a program of Rs 76,000 crore to attract chip manufacturers and their suppliers to meet existing needs and reduce import dependence on countries like Taiwan. An investment of about Rs 1.5 lakh crore has been announced under this program and there is a plan to produce about seven crore chips per day. Along with this, Prime Minister Modi said that India is aiming to do the entire work of electronic manufacturing in the country itself. 

Prime Minister Modi said, "Today India's electronic sector is more than $150 billion. By the end of this decade, we want to take our electronic sector to more than $500 billion. This can create 60 lakh employment opportunities. Describing India as a huge consumer of semiconductor chips, he said that the world's best digital public infrastructure has been built on this.