PM Modi assures stable policy regime for semiconductor growth

Prime Minister Narendra Modi assured semiconductor industry leaders that his government would maintain a “predictable and stable” policy regime, positioning India as a reliable partner in the global semiconductor supply chain. Speaking at the Semiconductor Executives Roundtable ahead of the Semicon India conclave on Tuesday, Modi emphasised the role of democracy and technology in enhancing human well-being and pledged to provide a supportive environment for the semiconductor sector’s growth.

He reiterated that the Indian government is committed to following a stable policy framework to facilitate the industry’s expansion, which aligns with the “Make In India, Make for the World” initiative. Modi stressed that the government would continue to support the sector at every step, aiming to create a conducive environment for innovation and investment.

The Prime Minister highlighted the significance of innovation in the semiconductor field, asserting that these advancements would shape India’s future. He projected that semiconductors would soon become a fundamental element even in basic necessities, marking the industry’s central role in the forthcoming technology-driven Digital Age.

Outlining the pillars of development, Modi focused on building social, digital, and physical infrastructure, promoting inclusive growth, reducing regulatory burdens, and attracting investments in manufacturing and innovation. He emphasised India’s capability to be a trusted partner in a diversified semiconductor supply chain.

Modi underscored the nation’s rich talent pool, noting the government’s emphasis on skilling to ensure a trained workforce for the sector. He affirmed India’s efforts to develop globally competitive products and positioned the country as an attractive market for high-tech infrastructure investments. He noted that the enthusiasm of semiconductor sector leaders would inspire the government to intensify its efforts in this domain.

Industry leaders at the roundtable praised India’s dedication to the semiconductor sector’s growth, describing the gathering as an unprecedented occasion that united key figures across the industry. They highlighted the sector’s substantial growth potential and future opportunities, recognising a shift in the industry’s centre of gravity towards India. They acknowledged India’s favourable business environment, which has positioned the country prominently on the global semiconductor map.

Expressing confidence in India’s prospects, they noted that the nation’s progress in the semiconductor sector would positively impact the world. They also underscored India’s potential to become a global powerhouse in raw materials for the semiconductor industry, driven by its business-friendly environment.

Source: Economic Times