Prime Minister of India Narendra Modi inaugurated SemiconIndia Conference 2022, the global semiconductor conclave designed to bring together key stakeholders to showcase existing capabilities, ideate innovations and discuss global best practices. The flagship conclave with the theme Catalyzing India’s Semiconductor Ecosystem, is being held in Bengaluru from 29th April to 1st May 2022. The conference also features an exhibition with prominent chip and microprocessor manufacturers, technical institutions, and new-age technology startups.
Prime Minister Modi talked about ”Production Linked Incentives” schemes that offer incentives of over 26 Billion Dollars in 14 key sectors. Over the next 5 years, the electronics manufacturing sector is expected to see record growth, he informed. Modi also told the audience about the recently announced Semi-con India Programme with a total outlay of over 10 billion dollars. This program aims to provide financial support to companies investing in semiconductors, display manufacturing and design ecosystems.
In his address, the Prime Minister underlined six reasons for India being an attractive investment destination for Semiconductor technologies.
- India is building a digital infrastructure to connect over 1.3 billion Indians. India has recently made in the field of financial inclusion, banking and digital payment revolution. India is using digital technology to transform lives in all sectors of governance from health and welfare to inclusion and empowerment.
- With steps like connecting six hundred thousand villages with broadband investment in developing capabilities in 5G, IoT and clean energy technologies, India is paving the way to lead the next technology revolution.
- India is headed for robust economic growth with the world’s fastest-growing Startup Ecosystem. India’s own consumption of Semiconductors is expected to cross 80 billion Dollars by 2026 and 110 Billion Dollars by 2030.
- India has undertaken wide-ranging reforms for improving the ease of doing business in India. The Prime Minister informed about measures like the abolition of more than 25,000 compliances, a push towards auto-renewal of licenses, transparency and speed in regulatory framework via digitization and one of the most favourable taxation structures in the world.
5.Heavy investment in skilling and training young Indians for the needs of the 21st century. India has an exceptional semiconductor design talent pool which makes up to 20% of the world’s semiconductor design engineers. Almost all of the top 25 semiconductor design companies have their design or R&D centres in our country.
- India has 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 our people but also the health of our economy.
India has received investment proposals from five global semicon majors to set up semiconductor fab and display fab locally in India. The proposals are for manufacturing the chips used in a wide array of products including consumer devices, automotive and personal electronics. The proposals received so far are to the tune of $20.5b in the greenfield segment of display and semiconductor chip manufacturing.
