India aims to become global semiconductor manufacturing hub – Modi

NEW DELHI: Prime Minister Narendra Modi announced that many global companies are eager to invest in India, with the nation poised to become a global leader in semiconductor production.

In his speech from the Red Fort, Modi emphasised the need for state governments to compete in attracting these investments, urging them to create policies that ensure good governance and law and order.

“This is a golden opportunity to make India a hub of global manufacturing,” said the Prime Minister. He also highlighted the country’s efforts to reduce its dependency on imports, particularly in the semiconductor sector.

In February 2024, the government approved the establishment of three semiconductor plants two in Gujarat and one in Assam, with a total investment of approximately Rs 1.26 lakh crore. These developments aim to boost India’s position in the global semiconductor industry.

Modi also addressed the nation’s advancements in telecommunications, mentioning India’s rapid rollout of 5G technology. “India rolled out 5G at a very fast pace; we have not stopped there and are working on 6G technology on a mission mode,” he stated.

The Prime Minister also touched on India’s aspirations to become a leader in the global gaming market. He called for the development of “Made in India” gaming products, leveraging the country’s rich ancient legacy and literature. “Indian professionals should excel not only in playing games but also in producing them,” Modi said, aiming for Indian games to make a significant mark worldwide.