Govt worked hard to encourage growth: PM Modi

Modi was speaking after inaugurating Semicon India Conference 2022 in Bengaluru via video conferencing from here.

"We have worked hard over the last few years to create an environment that encourages growth.

"India has an appetite for tech and risk-taking. We have put the odds in your favour as far as possible through a supportive policy environment. We have shown that India means business," he said.

The conference is envisioned as the launch pad to kickstart India's ambition in becoming the global semiconductor hub and nurture the chip design and manufacturing ecosystem.

The Prime Minister underlined six reasons for India being an attractive investment destination for Semiconductor technologies.

First, the PM said, India is building a digital infrastructure to connect over 1.3 billion Indians.

"We are using digital technology to transform lives in all sectors of governance from health and welfare to inclusion and empowerment," he said.

The PM said that with steps like connecting 600,000 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.

"Third, 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 by 2026 and $110 billion by 2030," he said.

He also said that India has undertaken wide-ranging reforms for improving ease of doing business in the country.

"We have undertaken wide ranging reforms for improving ease of doing business in India. Last year, we abolished more than 25,000 compliances and gave push towards auto-renewal of licenses," he said.

Modi said that heavy investment in skilling and training young Indians is the need of the 21st century.

"We have an exceptional semiconductor design talent pool which makes up to 20 percent 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," he added.

Modi said that India has undertaken several measures towards 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," he said.

Union Ministers, leaders of the Semiconductor industry, investors, academics and members of the diplomatic corps were among those present on the occasion.

Eminent names from industry associations, research organizations, academia and industry were set to articulate opportunities, challenges and innovative solutions during the three-day conference.

The discourse will focus on policy, talent, and the government's role and efforts in creating a favorable growth environment, the Ministry of Electronics and IT said.

The event will help showcase the current capabilities, technology trends, investment in research and development, current and future market opportunities in India and the immense potential and impact it can create globally, the Ministry added.