Semicon India 2024: Prime Minister Narendra Modi’s speech spurred a rally in semiconductor stocks, emphasising India’s commitment to boosting production and highlighting the nation as a reliable investment destination during global downturns.
Modi elaborated on India’s pivotal role in the global chip manufacturing arena, noting that the nation houses 20% of the world’s semiconductor talent, a figure that is on the rise. He articulated that in India, semiconductors represent not just technology but a conduit for fulfilling consumer aspirations due to high domestic demand.
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On the trading floor, semiconductor stocks like RIR Power Electronics and SPEL Semiconductor hit their 5% upper limits with robust buying interest. Other prominent players in the sector, such as CG Power and ASM Technologies, saw gains of 2.5%, while Moschip Technologies advanced by 4%.
In his address, Modi revealed the government’s comprehensive strategy to expand semiconductor manufacturing, aiming to significantly boost production levels. This initiative aligns with his vision of increasing India’s stature and capabilities within the global semiconductor industry.
IT Minister Ashwani Vaishnaw complemented Modi’s statements, outlining the government’s plan to cultivate a formidable talent pool of 85,000 engineers and technicians over the next decade to support the semiconductor sector. This development underscores a growing shift in the industry’s center of gravity towards India, marking it as a burgeoning hub in the global semiconductor landscape.
