'India's time to shine': PM Modi inaugurates Semicon India 2023
What's the story
Prime Minister Narendra Modi inaugurated Semicon India 2023, the national-level event on the semiconductor industry in India, in Gujarat's Gandhinagar on Friday.
The world's top chipmakers, including Foxconn, Advanced Micro Devices (AMD), Micron, and IBM are reportedly attending the event, which is focused on attracting investment to India's semiconductor industry and making the country a semiconductor manufacturing hub rivaling China and Taiwan.
Context
Why does this story matter?
Last month, United States-based Micron Technology signed a Memorandum of Understanding (MoU) with the Gujarat government to set up the company's first factory in Gujarat for an investment of $825 million.
The deal is expected to boost the quantum computing and artificial intelligence sectors in the country at a time when the world has gone from a shortage of semiconductors to a major glut.
Twitter Post
India's role crucial in semiconductor industry's growth: PM Modi
Hon'ble PM Shri @narendramodi ji attends the Semicon India Conference 2023 in Gandhinagar, Gujarat.https://t.co/Lj0geZBZnm
— Darshana Jardosh (@DarshanaJardosh) July 28, 2023
Event
100 start-ups to attend event
Gujarat Chief Minister Bhupendra Patel, Union minister Ashwini Vaishnaw, and Minister of State for Electronics and Information Technology Rajeev Chandrasekhar were also present at the event.
Around 50 speakers and 100 start-ups will attend the three-day event, along with other prominent players in the semiconductor sector such as Marvell, Vedanta, Lam Research, NXP Semiconductors, STMicroelectronics, Grantwood Technologies, Infineon Technologies, and Applied Materials.
Statement
Demand for semiconductors growing exponentially in India: Ashwini Vaishnav
Union Minister for Electronics and Information Technology Ashwini Vaishnaw said the demand for semiconductors is growing exponentially in India.
He said, "We have focused on all key elements of the semiconductor ecosystem. Three major semiconductor agreements were signed during the PM's US visit. Land development work for Micron's semiconductor plant is going on and the construction will begin soon."
AMD
AMD to invest $400 million in India
Another US-based company, AMD, will invest around $400 million in India over the next five years.
The company's chief technology officer (CTO) Mark Papermaster said that AMD will set up its largest research and development (R&D) center in Bengaluru before this year ends.
Semiconductor Products Group's (SPG) Applied Materials' president Prabhu Raja said, "This is India's time to shine."
Quote
PM Modi once said IT means India, Taiwan: Foxconn chairman
Meanwhile, Foxconn chairman Young Liu said, "We can feel the determination of the Indian government. PM Modi once mentioned to me that IT means India and Taiwan." He added that Taiwan is and will be India's most trusted and reliable partner.
Micron
Proud to partner with India: Micron president
Micron president Sanjay Mehrotra said the company was "proud to partner with India," adding that they are hopeful the investment will catalyze other investments in the semiconductor sector.
He said, "Micron's investment will be the first major in India's semiconductor sector. We estimate Micron's India plans will create 5,000 direct jobs and 15,000 jobs within the community over the next few years."
Details
Centre announced $10 billion incentive scheme to promote semiconductor manufacturing
The Centre earlier announced a $10 billion incentive scheme to promote semiconductor manufacturing in India.
The announcement attracted proposals from Foxconn and Vedanta. However, none of these have materialized so far.
The $19.5 billion joint venture (JV) between Foxconn and Vedanta, expected to be the cornerstone of India's semiconductor aspirations, fell out after the latter took full ownership of the JV.