Prime Minister Narendra Modi on Friday inaugurated the three-day SemiconIndia conference, 2022, which will be held from April 29 to May 1.
It is a collective goal to establish India as one of the key partners in the global semiconductor supply chain, Modi said.
India will provide support to companies looking to invest in semiconductor manufacturing, he added.
“We’ve shown that India means business, now it’s up to you,” Modi said at the country’s first semiconductor conference in Bangalore.
India’s semiconductor market, worth $15 billion in 2020, is expected to reach $63 billion by 2026, according to the government.
As part of the government’s efforts to attract big investment, the three-day meeting drew executives from tech giants Intel, TSMC and Micron Technology Inc.
The event will highlight India’s current capabilities, technology trends, R&D investments, current and future market prospects, and the huge potential and effect it can have at scale. world.
In the race to become India’s top chipmaker, Vedanta is seeking incentives such as 1,000 acres (405 hectares) of free land, as part of its $20 billion foray into semiconductors and displays.
The government has formed an advisory committee to steer the Rs 72,000 crore Semicon India project to establish the country as a world leader in semiconductor manufacturing, design and innovation.
The committee is mandated to provide key elements to build a resilient supply chain, promote investments, funding mechanisms, global engagement, research and innovation, and generation of intellectual property for the ecosystem. semiconductors and displays and enable an ecosystem to support startups and MSMEs.
Last year, in a bid to promote India as a global hub for high-tech production and attract multinational chipmakers, the government authorized a Rs 76,000 crore program to develop the manufacture of semiconductors and displays in the country.
The supply chains of the global semiconductor industry, which have been hit hard during the COVID-19 period, are expected to experience further disruptions due to the Russian-Ukrainian conflict.
The conflict may impact the supply of raw materials used to manufacture the production of semiconductor chips. Ukraine and Russia are the main sources of neon gas and hexafluorobutadiene.
The shortage of semiconductor chips has impacted many industries around the world, with the automotive and electronics industries being among the hardest hit sectors. The shortage first emerged after the COVID-19 pandemic due to lockdowns and restrictions.