India a favourite destination for investment in emerging technologies, says minister Ashwini Vaishnaw after Micron deal

On Monday, Union Minister Ashwini Vaishnaw stated that the BJP-led Central Government has been successful in drawing investments in cutting-edge technologies and that India is now the world’s next most important market for semiconductor manufacturers. He asserted that Congress has tried to achieve this since the 1980s but without success.

Micron Technology unveiled a major investment plan specifically for India during Prime Minister Narendra Modi’s State visit to the US last week.

The global semiconductor giant Micron revealed intentions to invest USD 825 million in Gujarat, India, to establish a new assembly and test facility on Thursday, only hours after PM Modi had a meeting with Micron CEO Sanjay Mehrotra in the US and encouraged him to increase semiconductor production in India.

Once established, the facility will serve the demand of both domestic and foreign markets. Gujarat was chosen by Micron, according to the company, because to its industrial infrastructure, friendly business climate, and a strong talent pipeline at the SANAND Industrial Park (run by the Gujarat Industrial Development Corporation, or GIDC).

The new assembly and testing plant in Gujarat is anticipated to begin phased construction in 2023. In Phase 2 of the project, which would include building a facility on par with Phase 1, Micron anticipates that work will begin in the latter part of the decade.

PM Modi’s US visit was historic, GE-HAL jet engine MoU and Micron Semiconductor plant among the deals struck

“This was a very historic visit. It is a very proud moment when India was discussed in the White House. The US sees India as an equal partner. Several foreign policies focusing on India were signed during the visit. India and US are coming together as a big force. PM Modi’s visit is considered a milestone globally. India has now become a force to reckon with,” IT Minister Ashwini Vaishnaw said.

A Memorandum of Understanding (MoU) was signed by GE Aerospace and Hindustan Aeronautics Limited (HAL) to build fighter jet engines for the Indian Air Force, according to a significant announcement made in conjunction with PM Modi’s visit.

These cutting-edge jet engines, which are renowned for their endurance and durability, will increase the Indian Air Force’s capabilities.

Among the most significant achievements of Prime Minister Narendra Modi’s visit to the US and his bilateral meeting with President Joe Biden were the co-production of jet engines for the Indian Air Force, defence industrial collaboration, space sector cooperation, semiconductor supply chain and innovation partnership, and collaboration in emerging artificial intelligence technology.

“India tried for 40 years to develop the semiconductor industry but this is the first time a major semiconductor player, Micron is coming to the country,” Minister Ashwani Vaishnaw stated.

“Today it is very clear all over the world that India will be the next big distinction of Semiconductor, now the way the whole company has seen India from a different point of view and an MoU has been signed between US and India 3 months ago in Semiconductor Corporation, which resulted during the state visit of Prime Minister, there have been 3 major advances related to semiconductor.”

“Congress is hiding its frustration, it is their frustration, Congress’s frustration is that they tried twice, tried thrice, tried in the 80s, tried in the 90s, tried back in 2010, all three times they failed, to bring the semiconductor industry in India.”

According to Vaishnaw, India is today clearly focused on technology, collaborative technological growth, and how India can enter the global world order.

Ashwani Vaishnaw, the Micron factory in India, is expected to be completed by the end of 2024, a historic six quarters.