India has rolled out red carpet for investors in semi-conductors: PM Modi
New Delhi, July 28
Prime Minister Narendra Modi on Friday listed out a growing market in India for semi-conductors and told top industry leaders a ‘red carpet is rolled out’ for investments and investors.
Modi underlined that the chip-making industry is a market filled with opportunities and expressed confidence that those who begin early are bound to get a first-mover advantage over others.
The PM was inaugurating the SemiconIndia 2023 at Gandhinagar, on Friday. The theme of the conference is ‘Catalysing India’s Semiconductor Ecosystem’ and the global leaders of the sector are present.
It showcases India’s semiconductor strategy and policy which envisions making India a global hub for semiconductor design, manufacturing and technology development.
Modi gave the example of growth in electronics sector saying “A few years earlier, India was a small player in the sector. Now, our share in the global electronics sector has increased a lot. In 2014, India’s electronics production was less than $30 billion. Now, it has crossed $100 billion. The country which was first an importer of mobile phones is now making the best phones in the world and exporting them”.
“India does not disappoint those who align their dreams with India’s capabilities”, the PM said adding that democracy, demography and dividend will double and triple the businesses in India.
Investors trust India as it has a stable, responsible and reform-oriented government, Modi said adding “industry has faith in India as infrastructure is developing in every sector. The tech sector believes in India as technology. He described make in India saying includes that let’s make for India, Make for the world.
On the policy front the PM assured recently, the National Quantum Mission was approved. Furthermore, the National Research Foundation Bill is also going to be introduced in the Parliament. The engineering curriculum to create a semiconductor ecosystem is being revamped. Three hundred prominent colleges have been identified in India where courses on semiconductors will be available.
Investors will get 50 per cent financial assistance from Central Government in the semiconductor sector. The world should benefit from India’s skill, capability and capacity, Modi added.
Ashwini Vaishnaw, Union Minister for Communication and Electronics & Information Technology, said that the land development work for Micron’s semiconductor plant is going on and that construction will begin soon.
Micron is one of three major developments from Modi visit to the US last month. US Company Micron have declared investment of $ 825 million. Micron will receive 50 per cent fiscal support for the total project cost from the Indian central government and incentives representing 20 per cent of the total project cost from the state of Gujarat”. This is under the Indian government’s “Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme”.
The project will create up to 5,000 new direct jobs at Micron and 15,000 jobs in the sector over the next several years, claimed the company.
Microns new assembly and test facility in Gujarat is expected to begin in 2023. Phase 1, which will include 5,00,000 square feet space, will start to become operational in late 2024, the company said.
Meanwhile a $ 400 million investment by applied materials has been promised while Lam technologies training 60,000 engineers in India.
