PM Modi chairs Semiconductor Executives' Roundtable, says democracy and technology can ensure welfare of humanity

New Delhi [India], September 10 : Prime Minister Narendra Modi chaired Semiconductor Executives' Roundtable at his residence on Tuesday.
During the meeting, the Prime Minister said that their ideas will not only shape their business but also India's future.
Mentioning that the coming time will be technology driven, Prime Minister said semiconductor is the basis of the Digital Age and the day is not far "when the semiconductor industry will be the bedrock for even our basic necessities".
The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognizing its global responsibility in the semiconductor sector.
According to an official release, the Prime Minister talked about the pillars of development which include developing social, digital and physical infrastructure, giving boost to inclusive development, reducing compliance burden and attracting investment in manufacturing and innovations.
He underscored that India has the capability to become a trusted partner in a diversified semiconductor supply chain.
The Prime Minister talked about India's talent pool and the immense focus of the government on skilling to ensure that trained workforce is available for the industry.
He said that India's focus is to develop products which are globally competitive.
He highlighted that India is a great market for investing in hi-tech infrastructure and said the excitement shared by the leaders of the semiconductor sector today will motivate the government to work harder for this sector.
Prime Minister assured the leaders that the Indian government will follow a predictable and stable policy regime.
With the focus of Make In India and Make for the World, Prime Minister said that the government will continue to support the industry at every step.
The release said that the CEOs appreciated India's commitment to the growth of the semiconductor sector and said that what has transpired today is unprecedented wherein leaders of the entire semiconductor sector have been brought under one roof.
They talked about the immense growth and future scope of the semiconductor industry. They said the centre of gravity of the semiconductor industry is starting to shift towards India, adding that the country now has a suitable environment for the industry which has put India on the global map in the semiconductor sector.
Expressing their belief that what is good for India will be good for the world, they said India has amazing potential to become a global power house in raw materials in the semiconductor sector.
Appreciating the business friendly environment in India, they said that in the world of complex geopolitical situation, India is stable.
Mentioning their immense belief in India's potential, they said there is unanimous consensus in the industry that India is the place to invest, the release said.
They recalled the encouragement given by the Prime Minister in the past as well and said the enormous opportunities present in India today were never seen earlier and they are proud to partner with India.
The meeting was attended by CEOs, Heads and representatives of various organisations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, Tokyo Electron Ltd, Tower, Synopsys, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology. Also present in the meeting were Professors from Stanford University, University of California San Diego and IIT Bhubaneswar.
The union government has been actively working towards developing a robust ecosystem for the semiconductor industry. On Sept. 2, the Union Cabinet approved the proposal of Kaynes Semicon Pvt Ltd to set up a semiconductor unit in Sanand, Gujarat.
The proposed unit will be set up with an investment of Rs 3,300 crore. The capacity of this unit will be 60 Lakh chips per day.
In June 2023, the Union Cabinet had approved the first proposal for setting up a semiconductor unit in Sanand, Gujarat.
In February, 2024, three more semiconductor units were approved. Tata Electronics is setting up a semiconductor fab in Dholera, Gujarat and one semiconductor unit in Morigaon, Assam. CG Power is setting up one semiconductor unit in Sanand, Gujarat
Construction of all 4 semiconductor units is progressing at a rapid pace and a robust semiconductor ecosystem is emerging near the units. These 4 units will bring an investment of almost Rs 1.5 Lakh crore. The cumulative capacity of these units is about 7 crore chips per day.
SEMICON India 2024, focused on the semiconductor ecosystem, will be held fin Greater Noida.