Prime Minister Narendra Modi has expressed his country’s desire to become a trusted partner and supplier for the global semiconductor industry. This statement comes as part of Modi’s ongoing efforts to attract global investors to establish production in India.
The efforts seem to be paying off as earlier today U.S. chipmaker Advanced Micro Devices (AMD) announced plans to invest approximately $400 million (₹3,292.34 crore) in India over the next five years.
Modi’s comments were made at the SemiconIndia conference, held in Gujarat. The Prime Minister has made chipmaking a top priority of his economic policy and is working with partner countries to develop a comprehensive roadmap for the semiconductor industry.
Despite initial setbacks, including Foxconn’s withdrawal from a $19.5 billion chips joint venture with Vedanta, Modi remains optimistic about India’s potential in the chip industry.
India is currently re-inviting applications under a $10 billion incentive scheme, aiming to capitalise on the global shift towards diversifying chip production. The country estimates the local chip market to be worth $80 billion by 2028, almost four times its current size of $23 billion.
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