During the media briefing held on September 11, 2024, Prime Minister Narendra Modi argued that supply chain resilience is crucial to the economy, while at the same time, seeking to enhance investment in the local production of semiconductors – components that are common to a smartphone, EV and AI.
Speaking at the SEMICON 2024 conference on the periphery of the national capital, the Prime Minister stated that how COVID-19 pandemic reinforced the importance of the supply chain and however bred the urgency to do something to prevent any such disruption in the future.
“It’s very important to acknowledge the great cultural and financial investment made to enhance the esteem of resilience of the supply chain,” he said. “India is trying to replicate the same across diverse economies.”
The COVID-19 pandemic brought about supply shocks as some countries particularly China which had to impose very strict measures to contain the spread of the virus were the continuing suppliers for other countries and economies. One of the sectors affected in this instance was chips that are a basic unit for every gadget that is remotely electronic.
The Prime Minister had no qualms in selling India’s new and stable economic order with liberalized policies, a responsive market that has experienced technology, zoning in specifically on semiconductor fabrication.
Indian-made Chips are attached to every device ‘is a dream we want to realize one day’, he said and added that ‘We will do everything that is needed to make India a semiconductor powerhouse’.
Answering a question on the steps being taken by his government to further the semiconductor narrative in India, he said, there is a reformist government, there is a growing manufacturing base and there is an aspirer, who has tasted the technology – it provides a ‘Three-D Power’ for chip making in the country.
“The world is now confident in the capabilities of today’s India. If the chips are down, then place all the bets on India,” he said.
He said investment of over 1.5 lakh crore has already been done in commitment on semiconductor manufacturing and many more projects are in agriculture.
