At the Semicon India 2024 summit on Wednesday, Prime Minister Narendra Modi made a compelling case for global semiconductor companies to invest in India. Modi emphasized that despite global challenges, India is poised to be a leading player in the semiconductor sector.

"India is becoming a key destination for semiconductor initiatives. This is the perfect time to invest here," Modi said during the event held in Greater Noida. He highlighted India's rapid growth in the technology sector and reassured investors that India's resilience makes it a reliable partner.

Modi pointed out that India is on track to become a major semiconductor hub, noting, "In the 21st century, India is a stronghold for semiconductor technology. When global challenges arise, you can count on India."

The Prime Minister also highlighted India's recent achievements, such as becoming the second-largest exporter of 5G phones. He outlined the vision to expand India’s electronic sector to a $500 billion industry, which he believes will further benefit the semiconductor sector. Modi projected that this growth could create 6 million new jobs.

Earlier in the day, at the Semiconductor Executives' Roundtable, Modi discussed the foundational role of semiconductor technology in the digital era. He stressed the importance of combining democratic values with technological advancement to benefit humanity. Modi reiterated India's commitment to playing a significant role in the global semiconductor landscape.

Modi outlined several strategic areas for development, including enhancing infrastructure, fostering inclusive growth, easing regulations, and increasing investments in manufacturing and innovation. He emphasized that India’s talented workforce and ongoing skills development efforts are crucial for supporting the semiconductor industry.

The Prime Minister assured industry leaders of a stable and supportive policy environment under the "Make In India" and "Make for the World" initiatives. He expressed confidence that India's growing semiconductor sector would attract significant global investments.

Industry leaders responded positively to India's commitment, acknowledging the country’s potential as a central player in the global semiconductor market. They praised India’s favorable business environment and expressed strong support for future investments.

The summit saw participation from major semiconductor companies and academic institutions, showcasing India's growing influence and potential in the global technology sector.

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