PM Modi invited Micron Know-how’s participation in semiconductor manufacturing in India.
Washington:
Prime Minister Narendra Modi has invited American chip maker Micron Know-how to spice up semiconductor manufacturing in India because the nation supplies aggressive benefits in varied elements of the product’s provide chain.
He additionally invited Utilized Supplies to India for improvement of course of know-how and superior packaging capabilities.
PM Modi in his assembly right here with President and CEO of Utilized Supplies Gary E Dickerson mentioned the potential of the corporate’s collaboration with tutorial establishments in India to create a talented workforce.
“The prime minister invited Micron Know-how to spice up semiconductor manufacturing in India,” a ministry of exterior affairs assertion mentioned.
Micron Know-how CEO Sanjay Mehrotra after assembly PM Modi mentioned, “We sit up for higher alternatives in India. Micron is a world chief in reminiscence and storage, and we’re a provider for reminiscence and storage in all finish markets from knowledge centres, to smartphones to PCs, and at present actually fuelling the AI engine as nicely.”
Following his assembly with the prime minister, Dickerson mentioned it’s time for India to drive unimaginable progress. “We’re very very a lot wanting ahead to working along with the prime minister and everybody of India to realize super success collectively,” he mentioned.
Throughout his assembly with CEO of Normal Electrical H Lawrence Culp, PM Modi invited the corporate to play a higher function within the aviation and renewable power sector in India.
“Prime minister appreciated GE for its long-term dedication of producing in India. The prime minister and Mr. Culp Jr mentioned GE’s higher know-how collaboration to advertise manufacturing in India,” it mentioned.
India is selling semiconductor improvement and it has introduced a manufacturing linked incentive (PLI) scheme for that.
International corporations are exploring India as a viable funding vacation spot for semiconductors. The nation is positioning itself as among the many most tasty locations in Asia for electronics and semiconductors.
The Indian semiconductor market was valued at USD 27.2 billion in 2021 and is anticipated to develop at a wholesome CAGR of practically 19 per cent to achieve USD 64 billion in 2026. However none of those chips are manufactured in India thus far.
Establishing semiconductor items, also referred to as fabs, is a extremely specialised, complicated and costly process. Fabs name for complicated know-how, are excessive danger and require lengthy gestation and payback intervals.
Prime Minister Modi arrived in Washington from New York the place he led a historic occasion on the UN Headquarters earlier within the day to commemorate the ninth Worldwide Day of Yoga, attended by UN officers, diplomats and distinguished personalities.
He’s visiting the US on the invitation of President Biden and First Woman Jill Biden.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)