Prime Minister Narendra Modi on Friday highlighted India’s growing talent pool, reform initiatives, favourable tax regime, and financial incentives to woo international players to invest in the country’s semiconductor ecosystem.

“India realises semiconductors are not just our need but that the world needs a trusted supply chain. Who could be a better partner than the world’s biggest democracy,” Modi said while addressing the Semicon India 2023 held at Gandhinagar, Gujarat, on Friday.

“Last year, the question everyone was asking at Semicon India was why they should invest in India, but in one year, the question has changed to why not invest. The winds have changed, and the perception of India has changed. This is the right time for India and for the world,” Modi added.

Also read: Foxconn says committed to India, to apply for govt incentives separately

More players

A number of players, including Foxconn, Vedanta, and Tata Group, have expressed interest in investing in the semiconductor business. But so far, Micron’s $800 million to set up a semiconductor packaging unit in Gujarat is the only proposal that has been cleared by the Centre. Modi urged other players to invest in India.

“In 21st-century India, there are abundant opportunities. India’s democracy, demography, and dividend will double or triple your business,” Modi said at the event that was attended by representatives from companies such as Foxconn, Vedanta, AMD Technology, Applied Materials, and Cadence.

Speaking at the conference, Young Liu, Chairman, Foxconn, said, “I can feel the determination of the Indian government. I am very optimistic about the way India will be headed. Prime Minister Modi once mentioned that IT stands for India and Taiwan. Taiwan is and will be your most trusted and reliable partner.”

Mark Papermaster, EVP and CTO, AMD, said, “AMD will invest $400 million in the next five years. AMD will enhance its R&D capabilities; we will build our largest R&D center in Bengaluru.”