NEW DELHI: Prime Minister Narendra Modi announced that many global companies are eager to invest in India, with the nation poised to become a global leader in semiconductor production.
In his speech from the Red Fort, Modi emphasised the need for state governments to compete in attracting these investments, urging them to create policies that ensure good governance and law and order.
"This is a golden opportunity to make India a hub of global manufacturing," said the Prime Minister. He also highlighted the country's efforts to reduce its dependency on imports, particularly in the semiconductor sector.
In February 2024, the government approved the establishment of three semiconductor plants two in Gujarat and one in Assam, with a total investment of approximately Rs 1.26 lakh crore. These developments aim to boost India's position in the global semiconductor industry.
Modi also addressed the nation's advancements in telecommunications, mentioning India's rapid rollout of 5G technology. "India rolled out 5G at a very fast pace; we have not stopped there and are working on 6G technology on a mission mode," he stated.
The Prime Minister also touched on India's aspirations to become a leader in the global gaming market. He called for the development of "Made in India" gaming products, leveraging the country's rich ancient legacy and literature. "Indian professionals should excel not only in playing games but also in producing them," Modi said, aiming for Indian games to make a significant mark worldwide.
In his 98-minute speech—the longest he has delivered, surpassing his previous record of 96 minutes set in 2016—Modi highlighted the strength of Indian banks, attributing their global standing to significant reforms. "Just imagine what was the condition of our banking sector. There was no growth, no expansion, and there was no faith (in the banking system). Our banks were going through difficult times... We took big reforms to make the banking sector strong. Today, because of the reforms, our banks are among the few strong banks globally," he said.
Addressing the space sector, Modi praised the emergence of hundreds of start-ups, attributing this growth to major reforms. "Hundreds of start-ups have emerged in the space sector, making it vibrant and instrumental in building a stronger India. We have introduced significant reforms, liberating the space sector from its previous limitations," the Prime Minister remarked.
Modi also celebrated India's indigenous design capabilities with the concept of "Design in India, Design for the World," urging the creation of products for both domestic and international markets. He reiterated his commitment to making India the skill capital of the world, highlighting initiatives from Budget 2024 focused on youth training.
On the topic of green jobs, Modi emphasized India's efforts in combating climate change through green growth and the Green Hydrogen Mission. He noted that these initiatives would not only contribute to environmental protection but also generate employment opportunities. "Green jobs will play a crucial role in our fight against climate change," Modi said, reaffirming India's goal of becoming a global leader in green hydrogen production and sustainable employment.