Modi says India has exceptional semiconductor design talent pool for the world
Prime Minister Narendra Modi has called for collective aim to establish India as one of the key partners in global semiconductor supply chains based on the principle of Hi-tech, high quality and high reliability.
Addressing the inaugural session of the Semicon India Conference 2022 on 29 April, he gave six reasons for India being an attractive investment destination for Semiconductor technologies.
“First, we are building the digital infrastructure to connect over 1.3 billion Indians. You have all heard of India’s financial inclusion, banking and digital payment revolution. UPI is the world’s most efficient payment infrastructure today. We are using digital technology to transform lives in all sectors of governance from health and welfare to inclusion and empowerment. We are one of the largest consumers of data per capita. And we continue to grow.
“Second, we are paving the way for India to lead the next technology revolution. We are on our way to connect six hundred thousand villages with broadband. We are investing in developing capacities in 5G, IoT and clean energy technologies. We are working to unleash the next wave of innovation in data, AI and other technologies.
“Third, India is headed for robust economic growth. We have the world’s fastest growing Startup Ecosystem. New unicorns are coming up every few weeks. India’s own consumption of semiconductors is expected to cross US$80 billion by 2026 and US$110 billion by 2030.
“Fourth, we have undertaken wide ranging reforms for improving ease of doing business in India. Last year, we abolished more than 25,000 compliances and gave a push towards auto-renewal of licenses. Similarly, digitization is also bringing speed and transparency to the regulatory framework. Today, we have one of the most favorable taxation structures in the world.
“Fifth, we are investing heavily in skilling and training young Indians for the needs of the 21st century. We have an exceptional semiconductor design talent pool which makes up to 20% of the world’s semiconductor design engineers. Almost all of the top 25 semiconductor design companies have their design or R&D centers in our country.
“And (for) Sixth, we have undertaken several measures towards transforming the Indian manufacturing sector. At a time when humanity was fighting a once in a century pandemic, India was not only improving the health of our people but also the health of our economy.”
He highlighted the US$10 billion Semicon India Programme to provide financial support to companies investing in semiconductors, display manufacturing and design ecosystem.
“We are aware that in order for a semiconductor ecosystem to flourish, it is necessary to ensure adequate support from the Government,” said Modi, underlining the strength of the US$26 billion Production Linked Incentive scheme.
The Prime Minister said, “A new world order is forming and we must seize this opportunity. We have worked hard over the last few years to create an environment that encourages growth. India has the appetite for tech and risk-taking.
“We have put the odds in your favour as far as possible through a supportive policy environment. We have shown that India means business! Now, it’s over to you.”
Modi sought practical suggestions from industry stakeholders on “how we can move towards an India that is a hub for Semiconductors for the world in the coming years.
“Through this Conference we aim to engage with domain experts. We will work with stakeholders to understand what more can be done to build a vibrant semiconductor ecosystem.
“I am confident that this conference will have rich deliberations which will help steer India into a new future.” fiinews.com
