Prime Minister Narendra Modi urged the industry to make India a global semiconductor hub, arguing that the government “put the odds in your favor as far as possible through a supportive policy environment”.
In his inaugural address at the Semi-con India 2022 conference in Bangaluru, the Prime Minister said a new world order is being formed and the country needs to seize the opportunity. He went on to say that India has a desire for "technology and risk-taking."
He said there were reasons why India became an attractive investment destination for semiconductor technology. The country is building a digital infrastructure to connect more than 1.3 billion Indians. He said this was due to India's financial inclusion, banking, and digital payment revolutions. He added that the Unified Payment Interface (UPI) is today the most efficient payment infrastructure in the world.
He said India is heading for strong economic growth. The country has the fastest-growing startup ecosystem in the world. New unicorns arrive every few weeks. Domestic consumption of semiconductors in India is projected to exceed $80 billion by 2026 and US $110 billion by 2030.
He said that the government has ensured that the Semi-con India program guarantees it covers different parts of the eco-system, including semiconductor manufacturing, display manufacturing, semiconductor design, assembly, testing, marking, and packaging.