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Recently, Prime Minister Narendra Modi addressed the SEMICON 2024 conference on the outskirts of the national capital, advocating for increased investment in semiconductor manufacturing and resilient supply chains.

• Significance of Supply Chains: Emphasized the critical need for resilient supply chains, citing the COVID-19 pandemic as a stark reminder of their importance. The pandemic highlighted vulnerabilities in global supply chains, particularly affecting sectors dependent on chip imports from China.
• Investment in Semiconductors: Modi pitched India as a prime destination for semiconductor investments. He stressed that India aims to have an Indian-made chip in every global device and is committed to becoming a semiconductor powerhouse.
• India's Semiconductor Strategy:
  • Reformist Government: Modi highlighted India’s reformist policies and stable business environment as key attractions for semiconductor investments.
  • Growing Manufacturing Base: Expanding manufacturing infrastructure in India as a critical factor.
  • Aspirational Market: The evolving technology market in India is seen as a strong incentive for semiconductor production.
• Government Commitment: Modi announced that over ?1.5 lakh crore has already been committed to semiconductor manufacturing, with several projects currently in the pipeline.
• Semicon India 2024 Focus:
  • Event Goals: SEMICON India 2024 is a three-day conference designed to showcase India’s semiconductor strategies and policies, aiming to position the country as a global hub for semiconductor manufacturing.
  • Workforce Development: The government is developing a semiconductor workforce of 85,000 engineers, technicians, and R&D experts.
  • Market Growth: India’s semiconductor market, valued at $23.2 billion, is projected to reach $80.3 billion by 2028, with a compound annual growth rate (CAGR) of 17.10%.
• Importance of Semiconductors: Semiconductor chips as crucial for fulfilling the aspirations of millions and noted their role in India’s Digital Public Infrastructure (DPI), which remained effective during the pandemic when other countries’ banking systems struggled.
• Event Participation: SEMICON India 2024 will feature over 250 exhibitors and 150 speakers, including top executives from global semiconductor companies, industry leaders, businesses, and experts from around the world.