Boost investments in domestic manufacturing of semiconductors: When the chips are down, you can bet on India says Modi

Greater Noida: Prime Minister Narendra Modi on Wednesday said resilience of supply chains is critical for the economy as he made a pitch to boost investments in domestic manufacturing of semiconductors -- the foundation of everything from smartphones to EV and AI. Speaking at the SEMICON 2024 conference on the outskirts of the national capital, the Prime Minister said the Covid pandemic showed the importance of the supply chain and underscored the need to act to ward off any disruption. "Whether it was Covid or war, there hasn't been a single industry to remain unaffected by supply chain disruptions," he said.

Stressing the importance of a resilient supply chain, the Prime Minister expressed pride in India's central role in building resilience across sectors, positioning the country as a key player in the global mission to safeguard supply chains.

"Resilience of the supply chain is very important," he said. "India is working to create the same in different sectors of the economy." A halt in flights, factory shutdowns in China, and surges in demand for specific products broke supply chains during Covid-19. One of the sectors impacted was chips that form a critical part of every electronic device. Prime Minister showcased India's reformist regime, stable policies and a market that has tasted technology to make a strong pitch for investments in semiconductor manufacturing. "This is the right time to be in India. You are at the right place at the right time," he said.

"In 21st-century India, the chips are never down." He went on to state that India of today assures the world, "When the chips are down, you can bet on India." "Whether it is mobile manufacturing, electronics, or semiconductors, our focus is clear - we want to build a world that doesn't stop or pause in times of crisis but keeps moving forward," he said. As the US-China trade war threatens to make chip imports even more expensive, countries around the world are investing aggressively to build domestic supplies of semiconductors - the foundation of everything from smartphones to electric cars and artificial intelligence (AI).