India has world's fastest-growing start-up eco-system, says PM in Semicon India Meet
India has world's fastest-growing start-up eco-system, says PM in Semicon India Meet

New Delhi: Prime Minister Narendra Modi said on Friday that India's own semiconductor consumption is expected to reach $80 billion by 2026 and $110 billion by 2030, hailing the country as an attractive investment destination for semiconductor technologies.

Prime Minister Modi said that the country is constructing a digital infrastructure to connect over 1.3 billion people.

PM Modi said while virtually inaugurating the three-day Semicon India Conference-2022 in Bengaluru, "We are using digital technology to transform lives in all sectors of governance from health and welfare to inclusion and empowerment."

India is paving the way to lead the next technology revolution by taking steps such as connecting 600,000 villages to broadband and investing in developing capabilities in 5G, IoT, and clean energy technologies, the Prime Minister said.  India is on track for strong economic growth, with the world's fastest-growing startup ecosystem, and has implemented sweeping reforms to improve the country's ease of doing business, he added

The Prime Minister cited the government's various reform measures, including the elimination of more than 25,000 compliances, a push toward licence auto-renewal, regulatory transparency and speed through digitisation, and one of the most favourable taxation structures in the world.

The Prime Minister asserted, "We have a world-class semiconductor design talent pool, with up to 20% of the world's semiconductor design engineers working for us. Almost every one of the top 25 semiconductor design businesses has a design or R&D centre in the United States." He also stated that India has taken a number of steps to modernise its manufacturing industry. "At a time when humanity was fighting a once-in-a-generation pandemic, India was improving not only our people's health but also our economy's health," he added.

The Prime Minister also mentioned the "Production Linked Incentives" schemes, which offer over USD 26 billion in incentives in 14 key industries. "The electronics manufacturing sector is likely to grow at a record pace over the next five years," he stated.

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