Gandhi Nagar: Prime Minister Narendra Modi announced that the Government will provide 50% financial assistance to the technology firms for setting up semiconductor manufacturing facilities in the country. After inauguration of the Semicon India 2023 conference in Gandhi Nagar on Friday, Modi in his address announced that his government has rolled out the red carpet for semiconductor industries.

He said that every industrial revolution that the world has witnessed was driven by the aspirations of people at different times. He also said that he believes that the fourth industrial revolution being witnessed now is driven by India’s aspirations. India is establishing an entire ecosystem, for the semiconductor industry to grow in the country, he added.

We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50 per cent financial assistance to set up semiconductor manufacturing facilities, said Modi. The semiconductor industry will witness exponential growth in India, he added.

India is becoming a grand conductor for investments in the semiconductor sector, Modi said. The world needs a trusted and reliable chip supply chain, he said. 300 colleges in India have been identified for starting courses on semiconductor design, he said.

Today I see the same relation between the fourth industrial revolution and Indian aspirations, said Modi, who shared the dais with some world leaders of the semiconductor industry. Modi said Indian aspirations are driving the country’s development and have made it a nation that has rapidly eradicated extreme poverty and seen a fast rise of the “neo-middle class”. PM Modi said India understands its “global responsibility” very well.

“Therefore, we are working on a wide roadmap together with our friendly countries. We are taking special efforts to create a semiconductor ecosystem in India,” he said, adding that the country recently approved the ‘National Quantum Mission’ and is going to introduce the Nation Research Foundation Bill in Parliament.

He said his government is continuously making policy reforms to give pace to the growth of the country’s semiconductor sector. Even as the G20 president, the theme given by India is ‘One Earth, One Family, One Future’. These are our feelings behind making India a semiconductor manufacturing hub. India wants its skill, capacity and capability to benefit the world.

We want to increase India’s capacity for a better world and for global good. In this, your participation, suggestions and thoughts are welcome,” he said. PM Modi said people here are tech-friendly and fast in adopting technology, and cheap data, quality digital infrastructure and seamless power supply have increased digital production and consumption manifold.