India’s goal: A trusted global chip supplier, says Prime Minister
Indian PM Narendra Modi prioritises chipmaking as a top economic policy, aiming for India to be a global chip supplier.
Indian Prime Minister Narendra Modi envisions India as a trusted partner in the semiconductor industry and to be a global chip supplier. He has made chipmaking a top priority in his economic policy and is actively implementing policy reforms to expedite the sector’s growth. Speaking at the SemiconIndi 2023 conference, Modi expressed confidence in India’s potential to emerge as a reliable chip supplier on the global stage and urged global chipmakers to invest in India. Modi’s comments reflect the Indian government’s commitment to making chipmaking a top priority in its economic policy. They are actively implementing policy reforms to accelerate the growth of this sector.
During the conference, US chipmaker Advanced Micro Devices (AMD) revealed plans to invest approximately $400 million over the next five years, establishing its largest design center in Bengaluru. India projects significant growth in the local chip market, with a forecast of reaching $80 billion by 2028, nearly quadrupling its current size of $23 billion. To attract further investments, the Indian government is re-inviting applications under a $10 billion incentive scheme.