PM Modi assured leaders that the Indian government will follow a predictable and stable policy regime. (Photo: PTI)
Asserting that democracy and technology together can ensure the well-being of humanity, Prime Minister Narendra Modi on Tuesday said India has the ability to become a reliable partner in a diversified semiconductor supply chain and assured that the government will follow a predictable and stable policy regime.
PM Modi stated this while chairing the Semiconductor Executives Roundtable at his residence at 7, Lok Kalyan Marg. During the meeting, he said that his ideas will not only shape his business but also the future of India, according to a statement issued by the Prime Minister’s Office.
Stressing that the times ahead will be driven by technology, Modi said that semiconductors are the foundation of the digital era and the day is not far when the semiconductor industry will be the cornerstone of even basic needs.
Prime Minister Modi emphasised that democracy and technology together can ensure the well-being of humanity and India is moving forward on this path by recognising its global responsibility in the semiconductor sector.
He discussed the pillars of development that include developing social, digital and physical infrastructure, boosting inclusive development, reducing compliance burdens and attracting investment in manufacturing and innovations, the statement said.
Modi stressed that India has the capacity to become a reliable partner in a diversified semiconductor supply chain.
Prime Minister Modi spoke about India’s talent pool and the government’s immense focus on skilling to ensure that there is a skilled workforce available for the industry.
He said India’s focus is on developing globally competitive products.
Highlighting that India is a great market for investing in high-tech infrastructure, Modi said the enthusiasm shared by semiconductor industry leaders today will motivate the government to work harder in this sector.
Prime Minister Modi assured the leaders that the Indian government will follow a predictable and stable policy regime.
With the focus on Make In India and Make for the World, the Prime Minister said, the government will continue to support the industry at every step.
The CEOs appreciated India’s commitment to the growth of the semiconductor sector and said it is unprecedented that leaders from across the semiconductor sector have come together under one roof, the statement said.
They talked about the immense growth and future scope of the semiconductor industry.
They also said that the centre of gravity of the semiconductor industry is starting to shift towards India, adding that the country now has a suitable environment for the industry which has put India on the global map in the semiconductor sector.
Expressing their belief that what is good for India will be good for the world, they said India has incredible potential to become a global raw materials powerhouse in the semiconductor sector.
Assessing the business-friendly environment in India, the CEOs said that in a world of complex geopolitical situation, India is stable.
Highlighting their immense belief in India’s potential, they said there is a unanimous consensus in the industry that India is the place to invest.
They also recalled the encouragement given by the Prime Minister in the past and said that the enormous opportunities present in India today had never been seen before and they were proud to partner with India.
The meeting was attended by CEOs, heads and representatives from several organizations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, Tokyo Electron Ltd, Tower, Synopsys, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology.
Professors from Stanford University, the University of California, San Diego and IIT Bhubaneswar were also present at the meeting.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 10, 2024 | 10:23 PM IS
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