PM Modi pitches India to chip makers, talks of supply chain resilience

Prime Minister Narendra Modi on Wednesday said the resilience of supply chains is critical for the economy as he made a pitch to boost investments in domestic manufacturing of semiconductors—the foundation of everything from smartphones to EVs and AI.

Speaking at the SEMICON 2024 conference on the outskirts of the national capital, the Prime Minister said the Covid pandemic showed the importance of the supply chain and underscored the need to act to ward off any disruption.

"Resilience of the supply chain is very important," he said. "India is working to create the same in different sectors of the economy."

The world witnessed supply shocks during Covid-19, as stringent measures to control the spread of the pandemic in China affected the industries and sectors dependent on imports from that country. One of the sectors impacted was chips which form a critical part of every electronic device.

Prime Minister showcased India's reformist regime, stable policies and a market that has tasted technology to make a strong pitch for investments in semiconductor manufacturing.

"It is our dream to have an Indian-made chip in every device in the world," he said and added that "We will do everything that is needed to make India a semiconductor powerhouse."

Talking of steps taken by his government to boost semiconductor manufacturing, he said a reformist government, a growing manufacturing base and an aspirational market that has tasted technology provide a 'Three-D Power' for chip making in the country.

"Today's India inspires confidence in the world. When the chips are down, you can bet on India," he said.

He said investment of over Rs 1.5 lakh crore has already been committed in semiconductor manufacturing and many projects are in the pipeline.

On the electronics sector, Modi said that India aims that entire work of electronics manufacturing should happen in India.

"Today India's electronics sector is over $150 billion. By the end of this decade, we want to take our electronics sector beyond $500 billion. It can create 60 lakh jobs," Modi said.