Modi courts investors with India’s US$30bil chipmaking bet

Prime Minister Narendra Modi will host a global investors' conference in New Delhi to showcase India's burgeoning semiconductor industry. The three-day Semicon event aims to attract semiconductor producers, partners, customers, equipment makers, and parts suppliers, all eager to capitalize on the artificial intelligence investment trend.

Deputy Director Pranay Kotasthane of Takshashila Institution emphasizes that Modi's message to investors is India's commitment to a long-term growth in the chip industry. Modi's vision includes expanding manufacturing to shift workers from agriculture to higher-paying jobs. More than 600 exhibitors, 150 speakers, and 300 global companies will gather at a 15,000 sq m convention center in New Delhi, featuring startup showcases, a student hackathon, and an initial US$10 billion subsidy fund to boost local chip and electronics production.

India aims to become a hub for higher-value-added industries like chips, modernizing its economy and boosting exports. The country is competing with Taiwan, South Korea, the US, and Malaysia for AI supremacy, as chipmakers are key players in various sectors, from self-driving cars and healthcare to finance and fraud detection.