India wants to emerge as a trusted partner for the semiconductor industry and is keen to be a chip supplier for the world, Prime Minister Narendra Modi said on Friday, as he steps up efforts to attract global investors to establish production in the country.
"To expedite the growth of the semiconductor sector in the country, we are continuously undertaking policy reforms," said Modi, who has made chipmaking the top priority of his economic policy. "We are working with partner countries for a comprehensive roadmap for semiconductor industry."
At the SemiconIndia conference, held in Modi's home state of Gujarat, U.S. chipmaker Advanced Micro Devicesplans to invest around $400 million in the country over the next five years and build its largest design centre in the tech hub of Bengaluru. The investment bodes well for the event, which is the prime minister's latest attempt to attract investors into the chip industry after his initial bid to offer incentives floundered.of a $19.5 billion chips joint venture with Vedanta, saying "the project was not moving fast enough". Foxconn has since decided to go solo., had announced plans to invest $3 billion each, but the proposals have since stalled.
Despite being a late entrant, India estimated the local chip market to be worth $80 billion by 2028, almost four times its $23 billion size now. Reporting by Munsif Vengattil and Sumit Khanna in Gandhinagar, Gujarat; Writing by Indranil Sarkar and Aditya Kalra; Editing by Jacqueline Wong and Muralikumar Anantharaman and Miral FahmyMunsif Vengattil is a Reuters' India technology correspondent, based in New Delhi. He tracks how policymaking is influencing the business of tech in India, and how the country is now vying more aggressively to be a powerhouse in the global electronics supply chain.
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