Semicon India 2022: India is headed for robust economic growth, says PM Narendra Modi
On Friday (April 29), Prime Minister Narendra Modi inaugurated the Semicon India 2022 Conference, which is being held in Bengaluru. The aim of the conference is to make India a worldwide semiconductor hub, and pave way for putting the India Semiconductor Mission into action. “Semicon India conference is being held in India and it gives me great pleasure today to welcome you all to the inaugural Semicon India Conference”.
Here are key points from PM Modi’s speech:
– I am glad that such a conference is being held in India. After all, semiconductors are playing a critical role in the world in more ways than we can imagine.
– It is our collective aim to establish India as one of the key partners in global semiconductor supply chains. We want to work in this direction and our focus areas are hi-tech, high quality, and high reliability.
– I see six reasons for India being an attractive investment destination for semi-conductor technologies. First, we are building a digital infrastructure to connect over 1.3 billion Indians. 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 capabilities in 5G, IoT, and clean energy 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 $ 80 billion by 2026 and $ 110 billion by 2030. Fourth, we have undertaken wide-ranging reforms for improving the ease of doing business in India. Last year, we abolished more than 25,000 compliances and pushed towards auto-renewal of licences. Digitization is also bringing speed and transparency to the regulatory framework Fifth, we are investing heavily in skilling and training young Indians for the needs of 21st century. We have an exceptional semi-conductor design talent pool which makes up to 20% of the world’s semiconductor design engineers. And sixth, we have undertaken several measures toward 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 its people but also the health of its economy.
– In earlier times, industries were ready to do their work but the government was like a ”Not Gate”. When any input flows into the ”Not Gate”, it gets negated. So many needless compliances were needed and there was no ‘ease of doing business.’ But, we understand that the government must be like the ”And Gate”. While the industry works hard, the government must work even harder.
– India has an 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.
