New Delhi, Sep 10: India has the capability to become a trusted partner in a diversified semiconductor supply chain globally and the government will follow a predictable and stable policy regime, Prime Minister Narendra Modi said on Tuesday.

Chairing the Semiconductor Executives’ Roundtable at his residence in the national capital on the eve of the three-day ‘Semicon India 2024’ event, PM Modi said that the semiconductor is the basis of the Digital Age and the day is not far when the semiconductor industry will be the bedrock for even our basic necessities.

"India’s focus is to develop products which are globally competitive," PM Modi told the attending CEOs of some of the major chip companies, adding that India is a great market for investing in hi-tech infrastructure and "the excitement shared by the leaders of the semiconductor sector today will motivate the government to work harder for this sector".

The meeting was attended by CEOs and representatives of various organisations, including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, Tokyo Electron Ltd, Tower, Synopsys, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power, and Kaynes Technology.

The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognising its global responsibility in the semiconductor sector.

Currently, there are five semiconductor manufacturing proposals, with a total combined investment nearing Rs 1.52 lakh crore.

PM Modi underscored that India has the capability to become a trusted partner in a diversified semiconductor supply chain. With the focus on 'Make In India' and 'Make for the World' initiatives, the Prime Minister said the government will continue to support the industry at every step.

The CEOs hailed India’s commitment to the growth of the semiconductor sector, saying that what has transpired today is unprecedented wherein leaders of the entire semiconductor sector have been brought under one roof. They said the centre of gravity of the semiconductor industry is starting to shift towards India, adding that the country now has a suitable environment for the industry which has put India on the global map in the semiconductor sector.

More than 250 companies from 24 countries are set to participate in the ‘Semicon India 2024’ event in Greater Noida from September 11-13, showing the country’s growing presence in this critical sector.

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