PM Modi Announces $15 Billion Investment in India’s Semiconductor Sector During Meeting with US Tech CEOs

In a significant roundtable meeting with top technology leaders in New York, Prime Minister Narendra Modi highlighted India’s growing capabilities in emerging technologies, emphasizing the country’s ambitious plan to invest USD 15 billion in the semiconductor sector. This high-profile gathering took place at the Lotte New York Palace Hotel during the second leg of Modi’s three-day visit to the United States.

The event brought together executives from major tech companies, including Google CEO Sundar Pichai and Nvidia CEO Jensen Huang. The discussions centered on various fields, such as artificial intelligence, quantum technology, biotechnology, life sciences, IT and communications, and semiconductor technologies.

India’s Semiconductor Strategy

During the meeting, Modi underscored India’s potential to become a global partner in the semiconductor industry. He expressed optimism about how advancements in technology within India could foster innovation worldwide. “The policy we introduced on semiconductors and chips is being well received in India, and those involved in this sector are very excited to invest in the country,” Modi stated, highlighting the positive reception of India’s new policies designed to attract investment in semiconductors.

He further noted, “We are placing a strong emphasis on design in India. India has significant potential to become a reliable partner in global semiconductor supply chain systems.”

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Reflecting on Progress and Future Opportunities

In his remarks, PM Modi reflected on the substantial progress India has made over the past year and articulated a vision for the country’s future as a critical player in the global economy. Recalling a similar meeting held in Washington a year earlier, he expressed gratitude for the positive sentiment surrounding India. “It feels so good when you all talk about India and its bright future,” he remarked.

Balancing Technology and Democracy

The Prime Minister stressed the necessity of balancing technological advancements with democratic values, emphasizing the importance of collaboration among global partners. He portrayed India as an ideal destination for investment, citing the country’s unique blend of talent, expanding market, and stable democratic framework.

“You all have worked with India and other global partners, and you can compare India with others,” Modi said, reinforcing the advantages of investing in India. He characterized the nation as ambitious and one of the fastest-growing economies, expressing confidence that India will achieve the status of the world’s third-largest economy during his third term.

A Call for Global Engagement

Concluding his address, PM Modi asserted, “For any country, policy stability is very important, and India is now a front-runner in stable and predictable policy.” He extended an invitation to global leaders to engage with India’s transformative journey, fostering deeper collaborations in the evolving landscape of technology.

As India positions itself as a key player in the global tech ecosystem, the Prime Minister’s engagements in New York reflect the country’s commitment to leveraging its technological advancements for broader economic growth and innovation.

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