At the SEMICON India 2024 event held in Greater Noida, Prime Minister Mr. Narendra Modi showcased India’s ambitious plans for its semiconductor and electronics sectors. Addressing the gathering, Modi declared it as the "right time" for investment in India, with a bold vision to expand the country’s electronics sector to a staggering US$ 500 billion by the end of the decade. "When the chips are down, you can bet on India," he asserted, underscoring the nation's strategic growth opportunities in the semiconductor industry.

India's Electronics Sector Growth and Job Creation

Currently valued at over US$ 150 billion, India’s electronics sector is poised for transformative growth. Modi highlighted the target of reaching US$ 500 billion in production by 2030, which is expected to create approximately 6 million jobs. This growth will be fueled by a combination of strategic investments, reforms, and an expanding market base.

Strengthening Semiconductor Design and Workforce

India plays a significant role in global semiconductor design, contributing 20% to the sector. Modi’s speech outlined plans to increase this share further, supported by initiatives to build a skilled workforce of 85,000 in the semiconductor domain. He emphasized the "3D power" of India’s semiconductor strategy—reform-driven governance, a growing manufacturing base, and a burgeoning market.

Key Initiatives and Investment Strategies

To propel the semiconductor industry, the Indian government has introduced a comprehensive strategy including an US$ 11.91 billion (Rs. 1 trillion) research and development fund. This "360-degree approach" aims to attract substantial investments and develop robust supply chains. With 50% support from the central government and additional backing from various states, projects worth US$ 17.87 billion (Rs. 1.5 trillion) have already been approved, reflecting a strong commitment to making electronics production largely domestic.

Looking Ahead: A Promising Future

The commitment to transforming India into a global electronics and semiconductor powerhouse reflects a broader vision for sustainable growth and innovation. The strategic investments and policy frameworks outlined by PM Modi are expected to set the stage for India’s significant expansion in the semiconductor sector.

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