Prime Minister Narendra Modi told a Semiconductor Executives’ Roundtable at his residence on Tuesday that India has the capability to become a trusted partner in a diversified semiconductor supply chain.

Mentioning that the future will be technology driven, he said the semiconductor is the basis of the Digital Age and the day is not far when the semiconductor industry will be the bedrock for even basic necessities.

He told the executives that their ideas will not only shape their business but also India’s future.

The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognizing its global responsibility in the semiconductor sector.

He talked about the pillars of progress which include developing social, digital and physical infrastructure, giving boost to inclusive development, reducing compliance burden and attracting investment in manufacturing and innovations.

He said India has a talent pool and the government’s focus is on skilling to ensure that trained workforce is available for the industry. India’s focus is to develop products which are globally competitive, he said.

The Prime Minister highlighted that India is a great market for investing in hi-tech infrastructure and said the excitement shared by the leaders of the semiconductor sector today will motivate the government to work harder for this sector.

He assured the leaders that the Indian government will follow a predictable and stable policy regime. With the focus of Make In India and Make for the World, the Prime Minister said that the government will continue to support the industry at every step.

The CEOs appreciated India’s commitment to the growth of the semiconductor sector and said that what has transpired today is unprecedented wherein leaders of the entire semiconductor sector have been brought under one roof.

They talked about the immense growth and future scope of the semiconductor industry. They said the centre of gravity of the semiconductor industry is starting to shift towards India, adding that the country now has a suitable environment for the industry which has put India on the global map in the semiconductor sector.

Expressing their belief that what is good for India will be good for the world, they said India has amazing potential to become a global power house in raw materials in the semiconductor sector.

Appreciating the business friendly environment in India, they said that in the world of complex geopolitical situations, India is stable. Mentioning their immense belief in India’s potential, they said there is unanimous consensus in the industry that India is the place to invest.

They recalled the encouragement given by the Prime Minister in the past as well and said the enormous opportunities present in India today were never seen earlier and they are proud to partner with India.

The meeting was attended by CEOs, Heads and representatives of various organisations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, Tokyo Electron Ltd, Tower, Synopsys, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology.

Present in the meeting were Professors from Stanford University, University of California San Diego and IIT Bhubaneswar.