India has attracted over ₹1.5 trillion in investments for its semiconductor sector, Prime Minister Narendra Modi announced at the inauguration of SEMICON India 2024 in Greater Noida. The three-day event, showcasing India’s semiconductor strategy, is aimed at positioning the country as a global hub for semiconductor manufacturing.
Modi emphasized the government’s commitment to supporting the sector with 50% financial aid for setting up semiconductor manufacturing facilities, while state governments are also playing a key role. “India is set to play a big role in driving the global semiconductor industry,” he said.
He further highlighted the ongoing development of India’s semiconductor workforce, which includes 85,000 technicians, engineers, and R&D experts. The Critical Mineral Mission, which focuses on securing resources needed for the semiconductor industry, was also emphasized, with Modi noting customs duty exemptions and upcoming mining auctions.
India’s Semicon India Program, which aims to support front-end fabs, display fabs, and packaging, is part of the broader strategy to strengthen the country’s semiconductor supply chain. Modi also referenced the G20 Summit, where voluntary principles for semiconductor cooperation were adopted under India’s presidency.
With the electronics sector now valued at over $150 billion, Modi laid out a plan to grow it to $500 billion by the end of the decade, creating 6 million jobs. He announced the establishment of a Semiconductor Research Center in collaboration with IITs, aimed at producing next-generation chips.
Concluding his address, Modi called for international cooperation to further boost India’s role in the global semiconductor industry, stressing that India’s growing semiconductor capabilities are poised to contribute to the global supply chain.
