New Delhi, April 30 (KNN) Prime Minister Narendra Modi urged industry to make India a global hub for semiconductors, asserting that the government had put off the odds as far as possible through a supportive policy environment.

The Prime Minister, in his inaugural address at the Semicon India-2022 conference in Bengaluru, said a new world order was forming and the country must seize the opportunity. He further said India had an appetite for “technology and risk-taking”.

Modi said there was a collective aim to establish India as one of the key partners in global semiconductor supply chains. “We want to work in this direction based on the principle of hi-tech, high quality, and high reliability,” he said, adding that “semiconductors are playing a critical role in the world in more ways than we can imagine”.

He said there were reasons for India to become an attractive investment destination for semiconductor technology. The country is building a digital infrastructure to connect over 1.3 billion Indians. This is for India’s financial inclusion, banking and digital payment revolution, he said. Unified payments interface (UPI) is the world’s most efficient payment infrastructure today, he added.

We are using digital technology to transform lives in all sectors of governance from health and welfare to inclusion and empowerment, said Modi.

Speaking at the event, Electronics and IT Minister Ashwini Vaishnaw said the government expects to grant approvals to electronic chip makers in the next 6-8 months as it looks to encourage domestic manufacturing of semiconductors.  (KNN Bureau)