To make doing business in India easier, the government has eliminated over 25,000 compliance standards, mostly outdated ones, and has also pushed for automatic renewal of licenses
To make doing business in India easier, the government has eliminated over 25,000 compliance standards, mostly outdated ones, and has also pushed for automatic renewal of licenses
The previous government was like a “no-goal” while this one would be like an “and-goal” for the semiconductor industry, Prime Minister Narendra Modi said at the opening of the three-day Semicon India 2022 conference to be held in Bengaluru.
“In the old days, industries were willing to do their job, but the government was like a ‘non-fool’. If any input goes into the Not Gate, it will be negated,” the prime minister said via video conference on April 29. “We understand that government has to be like the ‘And Gate’. While the industry is working hard, the government has to work even harder.”
To make doing business in India easier, his government has scrapped over 25,000 compliance standards, mostly outdated ones, and has also pushed for automatic renewal of licenses.
The Prime Minister said India is heading towards a robust economy. “India’s semiconductor self-consumption is expected to exceed $80 billion by 2026 and is projected to reach $110 billion by 2030,” he added.
“We are paving the way for India to lead the next technological revolution. We’re on our way to connecting 600,000 villages to broadband. We’re investing in developing skills in 5G, Internet of Things and clean energy technologies,” he said.
He called on Indian industry leaders to establish India as one of the key partners in global semiconductor supply chains and to work towards high technology, high quality and high reliability.
India has every reason to become an attractive investment destination for semiconductor technologies worldwide, Modi stressed. “We are building the digital infrastructure to connect over 1.3 billion Indians and UPI is the world’s most efficient payments infrastructure today,” he said.
India is investing heavily in upskilling and training young Indians for the needs of the 21st century.
“We have an exceptional talent pool for semiconductor designers, representing up to 20% of semiconductor designers worldwide,” added Mr. Modi.
He said India has an appetite for technology and risk-taking, and his government is trying to tilt the odds as much as possible in favor of industry through a supportive policy environment.
