New Delhi, Sep 2: Prime Minister Narendra Modi on Tuesday said that the world now trusts India and is ready to build the future of the semiconductor industry with it, adding that the government will soon launch next generation of reforms in the field of semiconductors.

Inaugurating the ‘Semicon India 2025’ here, PM Modi underlined India’s growing role in the global chip market and said the country is set to play a pivotal part in the trillion-dollar semiconductor sector.

"Investments of $18 billion are being made in 10 semiconductor projects approved since 2021," said PM Modi. “The world trusts India, the world believes in India and the world is ready to build the semiconductor future with India,” the Prime Minister said, adding that while the last century was shaped by oil, the future will be shaped by chips.

PM Modi pointed out that the global semiconductor market has already reached a value of $600 billion and will soon cross the $1 trillion mark, and India will play a major role in it.

"Our semiconductor industry is not limited to chip manufacturing, we are building such a semicon ecosystem that will make India globally competitive and Atmanirbhar," PM Modi stressed.

The design centres in Noida and Bengaluru are working to make some of the world's most advanced chips. India is working on the challenges of the global semiconductor industry, he noted.

The Prime Minister also highlighted India’s economic strength, noting that the country achieved 7.8 per cent growth in the April-June quarter despite global uncertainties.

"Just a few days ago, the GDP numbers for the first quarter of this year have come. Once again, India has performed better than every expectation, every assessment. At a time when there are concerns in the economy of the world, there are challenges created by economic selfishness; in that environment, India has achieved a growth of 7.8 per cent," the Prime Minister told the gathering.

PM Modi said this performance shows that India is on the right track to becoming a product nation.

Union Electronics and IT Minister Ashwini Vaishnaw also addressed the gathering and urged global companies to manufacture in India, saying that the country has laid a strong foundation for the semiconductor industry in just a few years.

The three-day ‘Semicon India 2025’ conference, being held from September 2 to 4 at Yashobhoomi, is themed “Building the Next Semiconductor Powerhouse.”

It is jointly organised by the India Semiconductor Mission (ISM) under the Ministry of Electronics and Information Technology (MeitY) and SEMI, the global semiconductor industry association.

The event is one of the largest gatherings of the sector in South Asia, with more than 350 exhibitors from 33 countries, over 15,000 visitors, six country roundtables, four country pavilions, and participation from nine Indian states. Sessions will cover semiconductor fabs, advanced packaging, R&D, artificial intelligence, smart manufacturing, state-level policies, and investment opportunities.

(IANS)

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