PM Modi Sets $500 Billion Target for India’s Electronics Sector at Semicon India 2024
Prime Minister Narendra Modi has set an ambitious target of $500 billion for India’s electronics sector by the end of this decade. Currently, the sector is valued at $150 billion and has been growing rapidly over the past decade.
Job Creation and Manufacturing Goals
Addressing the inaugural session of the three-day ‘Semicon India 2024’ event in Greater Noida, PM Modi stated, “By the end of this decade, we want to take our electronics sector to $500 billion. This will create about 6 million or 60 lakh jobs for the youth of India.” He emphasized that 100% of electronic manufacturing should happen in India, including semiconductor chips and finished products.
Government Support and Policies
The event showcases India’s semiconductor strategy and policy, aiming to make India a global hub for semiconductors. PM Modi highlighted the government’s role in providing stable policies and Ease of Doing Business. He mentioned that India is creating a semiconductor workforce of 85,000 technicians, engineers, and R&D experts.
Research and Development
PM Modi recalled the first meeting of the Anusandhan National Research Foundation, which aims to boost India’s research ecosystem with a special fund of Rs 1 trillion. He emphasized that India’s semiconductor ecosystem addresses both national and global challenges.
Approved Semiconductor Units
The government has approved five semiconductor units in India, with construction underway at two sites. In June 2023, the Union Cabinet approved a semiconductor unit in Sanand, Gujarat. In February 2024, three more units were approved—two in Gujarat and one in Assam. Recently, Kaynes Semicon Pvt Ltd received approval to set up a unit in Sanand, Gujarat, with a cumulative investment of Rs 1.5 lakh crore.
Future Plans
Union Minister Ashwini Vaishnaw announced that the central government will soon unveil the Semicon 2.0 program, which will have a much-expanded scope. The upgrade plan for the semiconductor lab in Mohali is also ready and will be taken up in the Cabinet soon. The Semicon 1.0 program, notified on December 21, 2021, had a total outlay of Rs 76,000 crore.
Doubts Revealed
PM Modi -: PM Modi is the Prime Minister of India. His full name is Narendra Modi, and he is the leader of the country.
$500 Billion -: $500 billion is a very large amount of money. It is equal to 500,000 million dollars.
Electronics Sector -: The electronics sector includes companies and industries that make electronic devices like computers, smartphones, and TVs.
Semicon India 2024 -: Semicon India 2024 is an event where people talk about semiconductors, which are tiny parts used in electronic devices.
Semiconductor -: A semiconductor is a material that helps control electricity in electronic devices. They are used in things like computers and smartphones.
Union Minister Ashwini Vaishnaw -: Ashwini Vaishnaw is a minister in the Indian government. He helps make decisions about technology and communication.
Semicon 2.0 program -: The Semicon 2.0 program is a new plan by the government to help grow the semiconductor industry even more.
