In an apparent reference to the sweeping tariffs imposed by the US on India, Prime Minister Narendra Modi on Tuesday said that despite the challenges created by "economic selfishness," India's GDP has achieved a growth of 7.8 per cent.
Speaking at the Inaugral event of Semicon India 2025, Modi said, "Just a few days ago, the GDP numbers for the first quarter of this year have come. Once again, India has performed better than every expectation, every assessment. At a time when there are concerns in the economy of the world, there are challenges created by economic selfishness; in that environment, India has achieved a growth of 7.8 per cent..."
Stressing on the importance of and potential of semiconductors in the new world, the prime minister said, "It is said in the semiconductor world that oil was black gold, but chips are digital diamonds. Our last century was shaped by oil... But the power of the 21st century is limited to a small chip. This chip has the power to accelerate the development of the world..."
"In the year 2021, we started the Semicon India program. By the year 2023, India's first semiconductor plant was approved. In 2024, we approved additional plants. In 2025, we cleared five additional projects. Overall, an investment of more than Rs 1.5 lakh crore is being made in ten semiconductor projects. This shows the world's growing trust in India," he said.
"We have implemented the National Single Window System. Through this, all the approvals from the Centre and the states are being received on a single platform. As a result, our investors are now freed from a significant amount of paperwork," he added.
The prime minister stated that India is on the way to become a "full-stack semiconductor nation."
"India is now moving beyond the backend to become a full-stack semiconductor nation. The day is not far when India's smallest chip will drive the biggest change in the world. Our journey started late, but nothing can stop us now," he said.
Inviting more investors to the country, Modi said, "We are ready to welcome all the investors...The day is not far when the world will say, Designed in India, Made in India, Trusted by the World."