During his visit to the US, Prime Minister Narendra Modi invited leading global organizations like Micron Technology, Applied Materials and Electric General in order to contribute to the development of India. On Wednesday, the Prime Minister met the chiefs of these companies in Washington.
Modi invited the American chip maker company Micron Technology to elevate semiconductor manufacturing in India as India has a lot to offer to the company. In an interaction with the CEO of Micron Technology, Sanjay Mehrotra, Modi pointed out that India can offer competitive advantages in a number of semiconductor supply chain segments.
The Prime Minister invited Applied Materials to India to contribute to the development of process technology and advanced packaging capabilities. During his interaction with the President and CEO of the company, Gary E Dickerson, Modi discussed the potential of the company’s collaboration with academic institutions in India in order to generate a skilled workforce.
He invited Electric General, to play a vital role in the aviation and renewable energy sector. While interacting with the CEO of General Electric H Lawrence Culp, Modi also appreciated the company for its long-term commitment to manufacturing in India. According to the statement by External Affairs Ministry, “The prime minister and Mr Culp Jr discussed GE’s greater technology collaboration to promote manufacturing in India.”
Speaking of, India has announced a production-linked incentive (PLI) scheme to support the development of semiconductors. International businesses are looking into India as a potential destination for semiconductor investments. The nation is positioning itself as one of the most alluring locations in Asia for semiconductors and electronics.
The market for semiconductors in India was valued at USD 27.2 billion in 2021, and it is anticipated that it will increase at a brisk CAGR of almost 19% to reach USD 64 billion in 2026. But up until now, none of these chips have been produced in India.
Setting up semiconductor factories, also known as fabs, requires a high level of expertise and is both difficult and expensive. Fabs require sophisticated technology, carry a high level of risk, and have lengthy gestation and payback periods.
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