Says “India’s ambition to transition from backend operations to becoming a full-stack semiconductor nation”
New Delhi: Prime Minister Narendra Modi said on Tuesday that India has achieved a GDP growth rate of 7.8 percent, surpassing expectations amid global economic challenges.
Addressing the ‘SEMICON India 202 the Prime Minister said this growth is evident across various sectors, including manufacturing, services, agriculture, and construction, reflecting a robust economic momentum that is boosting confidence in emerging industries like semiconductors. Modi emphasized the significance of semiconductors, likening them to “digital diamonds” that are crucial for the 21st century, and highlighted the global semiconductor market’s projected growth from USD 600 billion to over USD 1 trillion. Since the launch of the Semicon India program in 2021, India has made significant strides in semiconductor manufacturing, approving ten projects, including its first fabrication plan in 2023. Modi noted the importance of speed in the sector, citing reforms that enhance ease of doing business, such as the National Single Window System, which streamlines investor clearances. He underscored India’s ambition to transition from backend operations to becoming a full-stack semiconductor nation, covering design, fabrication, and high-tech manufacturing. The Prime Minister encouraged start-ups and MSMEs to engage in the semiconductor ecosystem, promising support through various initiatives like the Design Linked Incentive Scheme and the Chips-to-Startup Program. He also highlighted the importance of critical minerals for semiconductor production and announced advancements in the National Critical Mineral Mission to secure necessary supplies. In a significant development, the event featured the presentation of India’s first fully indigenous Vikram 32-bit processor, developed by the Indian Space Research Organization’s Semiconductor Laboratory. This chip is designed for strategic applications across multiple sectors and is capable of operating in extreme conditions. Modi concluded by affirming India’s commitment to long-term structural reforms, stating that the nation is poised for a new phase of next-generation reforms, aiming for global recognition of Indian-designed and manufactured products.
