India will now provide 50% financial assistance for starting semiconductor manufacturing facilities: PM Modi

Semicon India 2023, was recently held in Gandhinagar, Gujarat. It was organized by the India Semiconductor Mission (ISM), in partnership with industry and industry associations under the visionary leadership of Honorable Prime Minister, Narendra Modi, with the aim to make India a global hub for semiconductor design, manufacturing and technology development, which will help propel the vision of India Semiconductor Mission.

Indian PM, Narendra Modi, stated there are a lot of national and international companies participating in Semicon India conference 2023. There are also lot of startups present. He lauded the companies present at the ongoing exhibition.

In the first edition, we needed to start investment in the Indian semiconductor sector. Now, the situation has changed to: why not invest in India? This change has been due to the efforts of all those present here. We would like to acknowledge the initiatives taken.

There are lot of discussions around Moore's Law. Exponential growth is at its heart. Earlier, India was an emerging player. Now, its share has risen in electronics manufacturing. Today, it has crossed $100 billion. Mobile phones made in India have increased two-fold in exports. Today, there are over 200 manufacturers across India.

In broadband, we have risen from 6 crore in 2014 to 80+ crore users today. We have over 85+ crore Internet connections across the country today. This is an indicator of the growing business. India now has a huge role to play in further development of semiconductors. Today, we are in the era of Industry 4.0. We are witnessing a similar transformative experience across Industry 4.0 and Indian aspirations. They are together driving development.

Today, quality digital infrastructure is reaching across villages. India also has huge vision for smart technology usage. Users are now employing smart mobility solutions. We now need to have a chip-making ecosystem. Those who can progress fast, they will have first-mover advantage. We are going through Covid-19 pandemic and Ukraine war. The world needs a reliable and trusted partner. The world has been increasing its confidence and reliance on India. There is a stable, responsible, and reform-oriented government in place.

Technology development has been stable across India. We have massive talent, skilled engineers, and designers. Make in India also talks about make for India, and make for the world. India understands its global responsibility very well. We are focusing on developing the semiconductor ecosystem in India. We have recently approved the National Quantum Mission. National Research Foundation (NRF) Bill, 2023 has been approved by Cabinet for introduction in the monsoon session of the Parliament.

We are now working towards developing a semiconductor ecosystem. We are making changes in the engineering curriculum. Courses on semiconductors will be made available across 300 colleges in India. Chip to startup program will also help engineers. Over the next 5 years, India will also be preparing over 1 lakh design engineers. The startups are also going to provide solidity to semiconductors.

Participants at the Semicon India 2023 conference are aware of all this. India has become a great semiconductor point for the world, and is checking all tick boxes. We also need to provide electricity to this sector. India's solar power capacity has increased 20-fold over the last decade. We have kept a target of 500GW renewable energy by the end of this decade. Targets for solar PV modules, green hydrogen, and electrolyzer production have been set. We have taken some significant steps.

India has also announced tax exemptions for new manufacturing industries. India is among the many countries with the lowest corporate tax rates. We have also made the taxation process seamless. We have also removed several obstacles for ease of doing business in India.

For the semiconductor industry, we are giving away modified Special Incentives Packages (M-SIPs). India has laid out the red carpet for the global semiconductor industry. As we progress with reforms, there will be newer opportunities for everyone. India is now becoming a 'grand conductor' for semiconductors.

India also understands the needs of the global supply chain. We are very excited to work with you. We have worked with private sector across various domains. And, those domains have seen very strong growth. We had asked the semiconductor industry for suggestions last year. We have taken lot of decisions based on them. We will now provide 50% financial assistance for starting semiconductor manufacturing facilities in India.

In G-20, India has given the theme of: One Earth, One Family, One Future. We have the same thoughts regarding semiconductor manufacturing. The world can benefit from India's capacity and capability for the better world and global good. This is now the right time!

IT - India and Taiwan

Young Liu, Chairman and CEO, Foxconn, praised the government's determination about where the nation is headed in its semiconductor journey. Where there is a will, there is a way. He talked about the strong will of the Indian government for semiconductors. He narrated that PM Modi had once mentioned to him that IT stands for India and Taiwan. He asserted that Taiwan is, and will be India's most trusted and reliable partner. Let's do this together!

Vedanta identifies world-class partner

Anil Agarwal, Chairman, Vedanta Group stated that they have gone around the world and signed over 100 MoUs with various companies. We have had amazing response from Japan, South Korea, and USA. We have also hired the best experts in semiconductors. We have also checked for experts in display glass. Vedanta is already in the glass business, and is present in optical fiber for the last 25 years. For semiconductors, we have already identified a world-class partner and are in the process of tying up with them.

Gujarat will soon become a hub, and be a downstream satellite manufacturing cluster. Raw materials will be supplied to every satellite cluster across the states. Everybody will now get the opportunity to develop their own product. Vedanta has also gone into export substitution, and raised $35 million in the London and US markets. Money has been invested back in India for natural resources.

India has transformed a lot in the last decade. Aspirations of young Indians are now very high. India is today the best place for the world to invest. Today's time belongs to the youth of India.