SEMICON India 2024: Major Indian semiconductor stocks such as SPEL Semiconductor Ltd, ASM Technologies and RIR Power Electronics, among others, rose over five to six per cent on Wednesday, September 11, in a fresh stock-specific rally driven by the government’s semiconductor investment and manufacturing plans outlined by Prime Minister Narendra Modi.
Prime Minister Modi inaugurated the Semicon India 2024 conference on the outskirts of the national capital. He stressed the pivotal role of supply chain resilience in the global economy and championed India’s chip manufacturing capabilities. This fueled a rally in chip stocks that extended gains to six per cent against blue-chip indices, snapping a two-day losing streak due to profit-taking.
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SEMICON India 2024 will be held from September 11-13 at India Expo Mart, Greater Noida, Uttar Pradesh. The theme is “Shaping the Future of Semiconductors.” The three-day conference will showcase India’s semiconductor strategy and policy, which envisions making India a global semiconductor hub.
Prime Minister Modi highlighted that India has already secured commitments of more than ₹1.5 trillion rupees in investments for semiconductor manufacturing. This is a major step towards positioning India as a global semiconductor hub, with several new projects in the pipeline to further accelerate growth.
The Prime Minister added that India aims to achieve a turnover of $500 billion in the electronics sector by the end of the decade, up from $150 billion at present. He added that the resilience of the country’s supply chain is “crucial” and cited the global disruption amid the COVID-19 pandemic as an example.
Prime Minister Modi also highlighted the three critical factors driving India’s semiconductor ambitions – a reform-minded government, a strong and growing manufacturing base and a tech-savvy market eager to adopt cutting-edge innovations. He referred to them as the “power of three dimensions,” which provides a strong foundation for India’s semiconductor industry.
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