India’s Big Push for Electronics: PM Modi’s Plan to Create 6 Million Jobs
India is aiming for 100% domestic manufacturing in the electronics sector, from semiconductor chips to finished goods. According to a report by Haitong International Research, the government-backed program has already attracted investments worth Rs 1.5 trillion (USD 18 billion) in the semiconductor industry.
Prime Minister Modi’s Ambitious Target
Prime Minister Narendra Modi has set an ambitious target to expand the electronics industry to USD 500 billion from its current USD 150 billion. The government plans to create 6 million jobs in the electronics industry over the next few years, signaling potential economic growth and job creation.
India’s Semiconductor Program
India is the eighth country to launch a dedicated semiconductor program and is one of the largest consumers of semiconductor chips globally. To encourage domestic production, the Indian government is offering 50% financial support to build semiconductor manufacturing facilities, further attracting investments.
Impact on Other Industries
The report emphasized the potential growth in other sectors as India’s semiconductor manufacturing expands. Companies involved in the chemical and air gas industries stand to benefit greatly from this development, as they provide essential materials required for various stages of chip production.
Tata Electronics’ Investment
Tata Electronics is setting up India’s first semiconductor foundry in Dholera, Gujarat, with an investment of USD 11 billion. This expansion is expected to create additional jobs and drive further investments, making the semiconductor push a catalyst for economic growth across several key sectors.
Doubts Revealed
PM Modi -: PM Modi stands for Prime Minister Narendra Modi, who is the current leader of India.
semiconductor chips -: Semiconductor chips are tiny electronic parts used in almost all electronic devices, like computers and smartphones, to help them work.
domestic manufacturing -: Domestic manufacturing means making products within the country instead of importing them from other countries.
USD 500 billion -: USD 500 billion is a very large amount of money, equal to 500 billion US dollars. It shows how big the electronics industry in India aims to become.
Rs 1.5 trillion -: Rs 1.5 trillion is a huge amount of money in Indian currency, equal to 1.5 lakh crore rupees.
Tata Electronics -: Tata Electronics is a company in India that is part of the Tata Group, a big business group in the country.
semiconductor foundry -: A semiconductor foundry is a factory where semiconductor chips are made.
Dholera, Gujarat -: Dholera is a place in the state of Gujarat, India, where the new semiconductor factory will be built.
