India is “rolling out the red carpet” for the semiconductor industry, Prime Minister Narendra Modi said Friday in his home state of Gujarat as he pitched the country as a viable chipmaking hub to global investors.
“Earlier, people were questioning our aim to make chips and were asking ‘why invest (in India)’. Now, the question has changed to ‘why not invest,’” PM Modi said. “Whoever moves fast in this will get the first mover’s advantage… we are rolling out the red carpet for them,” Modi said. “In 21st century India, there are abundant opportunities. India’s democracy, demography, dividend, will double, triple your business,” Modi said. The PM was addressing a gathering in Gujarat’s Gandhinagar where hundreds of semiconductor industry executives have gathered for the country’s annual chip meet, SemiconIndia 2023. The conference is part of an effort by the Centre to try and pitch India as the new hub for chips. The world is recovering from the side effects of the Covid-19 pandemic and the Russia-Ukraine war, the PM said, adding that it’s not just India that needs chips, but the world, which needs a “trusted partner” for their supply chains.