India Aims To become Global Semiconductor Manufacturing Destination

Prime Minister Narendra Modi stated that numerous international companies are ready to invest in India, as the country is on track to emerge as a major player in semiconductor manufacturing.

In the speech at the Red Fort, Modi highlighted the importance of state governments competing for investments by implementing policies that prioritize good governance and law enforcement.

"This is a golden opportunity to make India a hub of global manufacturing," said the Prime Minister. He also highlighted the country's efforts to reduce its dependency on imports, particularly in the semiconductor sector.

In February 2024, the government gave the go-ahead for setting up three semiconductor factories - two in Gujarat and one in Assam - with a combined investment of around Rs 1.26 lakh crore. These advancements are intended to enhance India's standing in the worldwide semiconductor sector.

Modi also talked about the country's progress in telecommunications, including India's quick implementation of 5G technology. He said that after quickly introducing 5G in India, they are now focused on developing 6G technology with the same intensity.

The Prime Minister also mentioned India's goal of leading the global gaming market. He demanded the creation of gaming products labeled as "Made in India", utilizing the nation's abundant ancient heritage and literature. Modi stated that Indian professionals should not just do well in playing games, but also in creating them, with the goal of having Indian games leave a big impact globally.