PM Modi unveils $10B subsidy, as AMD pledges $400M to India’s semiconductor revolution
In a bid to assert India’s dominance in the global semiconductor industry, Prime Minister Narendra Modi encouraged international private entities to invest in the country’s burgeoning sector. During the inauguration of the Semicon India 2023 conclave in Gandhinagar, PM Modi emphasized India’s ascent as a significant conductor in the global semiconductor sphere, highlighting it as an opportune moment for investment.
Modi attributed the potential success of this industry to several key factors. Among them, a dependable, reform-focused government, advancing infrastructure, technology development, and an enormous talent pool, all contributing to India’s reliability in the global supply chain in a post-pandemic world. As part of the government’s commitment to fostering a thriving semiconductor environment, a pledge was made to provide 50% financial assistance to those who wish to establish semiconductor manufacturing within India.
In line with these ambitions, over 300 educational institutes have been pinpointed to deliver courses specific to the semiconductor industry, cultivating a new generation of skilled engineers. The PM emphasized the exponential growth in the Indian electronic industry, citing the significant expansion of electronic manufacturing and exports in the country over the past nine years.
PM Modi’s forward-looking policies have positioned India as one of the world’s superpowers, propelling the nation into the top five global economies. This impressive growth trajectory spans all aspects of the country’s development, markedly absent in the previous seven decades of Congress rule. The commitment to transforming the semiconductor industry is a testament to this progress, cementing India’s place on the world stage.
The Prime Minister’s call to action is seen as part of a broader strategy to strengthen India’s economic standing, bringing it in line with the top-performing nations. His plea coincides with the significant investment announcement by tech giant AMD, who unveiled plans to invest $400 million and employ 3,000 engineers at their Bengaluru facility within the next five years.
The Semicon India 2023 event, organized by the Ministry of Electronics and Information Technology, serves as a platform to showcase India’s semiconductor strategy. The conclave sees major industry players like AMD, Micron, Cadence, and Lam congregating in Gandhinagar, Gujarat, setting the stage for pivotal discussions on the future of the semiconductor industry in India.
India is on a mission to attract leading semiconductor entities to establish chip fabrication and assembling plants in the country, backed by a $10 billion subsidy program. The country’s determination to evolve into a semiconductor hub is a testament to PM Modi’s vision of a self-reliant India, a nation capable of holding its own amidst global competition.