'World can bet on India when chips are down': PM Modi as he inaugurates Semicon India 2024

Prime Minister Narendra Modi inaugurated the SEMICON India 2024 on Wednesday at the India Expo Mart in Greater Noida in Uttar Pradesh. During his inaugural speech, PM Modi said 'now' is the best time to be in India.

He said, "In the 21st century in India, the chips are never down. The world can bet on India when the chips are down." 

PM Modi highlighted that India's semiconductor industry is unique and the government has created a supportive environment for it. He pointed out that the country offers favourable business conditions and consistent policies, making it an attractive destination for companies wishing to invest in the semiconductor sector.

He further stated that the government is committed to developing a semiconductor workforce comprising 85,000 engineers, technicians, and research and development experts. During a recent address, he emphasized the importance of enhancing the country's semiconductor infrastructure.

Highlighting the potential of the Indian semiconductor industry, PM Modi referred to its "3-D power," identifying key growth factors as a reform-minded government, an expanding manufacturing base, and India's burgeoning market. He asserted that semiconductor chips are more than just technology; they represent a means to fulfill the aspirations of millions.

"The semiconductor chips are crucial as they form the foundation of India's Digital Public Infrastructure (DPI), which remained resilient during the COVID-19 pandemic, in stark contrast to banking systems in many other countries," PM Modi noted.

Currently valued at approximately $23.2 billion, India's semiconductor market is projected to soar to $80.3 billion by 2028, boasting a compound annual growth rate (CAGR) of 17.10%, according to a report by Invest India.

To further support this sector, the Semicon India 2024 event will take place over three days, showcasing India's semiconductor strategy and policies. The conference aims to position India as a global hub for semiconductor manufacturing, featuring participation from top executives of leading global semiconductor firms, as well as industry leaders, businesses, and experts from around the world.