Investors have faith in India because of stable, responsible government: PM
NEW DELHI: Prime Minister Narendra Modi on Friday said the investor trusts India as it has a stable, responsible and reform-oriented government. While speaking at the second edition of Semicon India 2023, the prime minister said that the tech industry has faith in India as infrastructure is developing in every sector.
“Skilled engineers and designers are our strength. Anyone who wants to be a part of the world’s most vibrant and unified market has faith in India. When we tell you to make in India, it also includes that let’s make for India, Make for the world”, he added.
India has announced a USD 10 billion incentive for companies to establish their chip-making industry in the country in December 2021. Recently, the government approved the application of US-based Micron for packaging. The firm plans to invest USD 2.75 billion and it is expected to create at least 5,000 new direct jobs and 15,000 community jobs.
Chipmaker AMD will invest around USD 400 million in India over the next five years and will build its largest design centre in the tech hub of Bengaluru. The Prime Minister said that India understands the needs of the global supply chain, raw materials, trained manpower and machinery.
“The sector in which we have worked closely with private players has touched new heights. Be it the space sector or geospatial sector, we have got excellent results everywhere,” emphasized the prime minister. He also informed about the critical decisions taken on the basis of feedback received.
The Prime Minister said India understands its global responsibilities and is working on a comprehensive roadmap with friendly countries. That’s why India is building a vibrant semiconductor ecosystem.