At the Semicon India 2024 inauguration in Greater Noida, Modi highlighted India's capabilities in semiconductors, noting that the current value of the nation's electronics market is around $155 billion.
India is actively attracting semiconductor manufacturers, with the government approving over $15 billion in investments so far.
This includes Tata Group's plans for the country's first major chip plant and a proposed $2.75 billion assembly facility by US-based Micron Technology Inc. in Gujarat.
Further, Israel’s Tower Semiconductor Ltd. is considering a $10 billion partnership with Gautam Adani to build a fabrication plant in western India, although a formal proposal has not yet been submitted to the government.
“This is the right time to be in India,” Modi stated, adding, “In the 21st century India, the chips are never down.”
At the same event, NXP Semiconductors NV CEO Kurt Sievers announced that the Dutch chipmaker will invest over $1 billion in India in the coming years to expand its research and development efforts.