Prime Minister Narendra Modi has set an ambitious goal for India’s electronics sector, aiming to boost its valuation to $500 billion by the end of this decade. Speaking at the Semicon India 2024 event in Greater Noida, Modi highlighted India’s growing capabilities in semiconductor manufacturing, positioning the country as a global player in the high-tech industry.
Currently, India’s electronics market stands at around $155 billion. To accelerate growth, the Indian government has approved over $15 billion in semiconductor investments. Major announcements include Tata Group’s plan to build the first large-scale chip plant in the country and US-based Micron Technology Inc.’s $2.75 billion facility in Gujarat.
In a further boost to India’s semiconductor aspirations, Israel’s Tower Semiconductor Ltd. is in discussions with billionaire Gautam Adani for a potential $10 billion fabrication plant. Although a formal proposal is yet to be submitted, such partnerships could significantly elevate India’s position in the global semiconductor landscape.
“This is the right time to be in India,” Modi said at the event, emphasizing that the country’s future in the 21st century will be powered by cutting-edge technologies like semiconductors. “In the 21st century India, the chips are never down,” he added, underscoring his confidence in the nation’s ability to rise to the occasion.
At the same event, Dutch chipmaker NXP Semiconductors NV’s CEO, Kurt Sievers, announced a $1 billion investment in India, focusing on expanding research and development operations. This move aligns with India’s strategy to attract global tech giants and strengthen its domestic capabilities.
With these initiatives and investments, India is on track to become a significant player in the semiconductor industry, driving its electronics sector toward the ambitious $500 billion goal. The future looks promising as India positions itself as a global hub for technology and innovation.
Tags: Narendra Modi, Electronics Sector, Semicon India 2024, Semiconductor Industry, Tata Group, Micron Technology, Tower Semiconductor, Adani, India Electronics Growth, Chip Manufacturing, NXP Semiconductors
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