Washington:
Prime Minister Narendra Modi has invited US chipmaker Micron Technology to boost semiconductor production in India as the country offers competitive advantages in various parts of the product supply chain.
He also invited Applied Materials to India to develop process technology and advanced packaging capabilities.
Meeting here with President and CEO of Applied Materials Gary E Dickerson, Prime Minister Modi discussed the potential of the company’s collaboration with academic institutions in India to create a skilled workforce.
“The Prime Minister has invited Micron Technology to boost semiconductor production in India,” the State Department said in a statement.
Sanjay Mehrotra, CEO of Micron Technology, said after meeting with Prime Minister Modi, “We are looking forward to more opportunities in India. Micron is a global leader in memory and storage, and we are a supplier of memory and storage in all end markets , from data centers to smartphones to PCs, and really fueling the AI engine today.”
After his meeting with the Prime Minister, Dickerson said it’s time for India to drive incredible growth. “We very much look forward to working with the Prime Minister and everyone in India to achieve tremendous success together,” he said.
While meeting with General Electric CEO H. Lawrence Culp, Prime Minister Modi invited the company to play a bigger role in India’s aviation and renewable energy sector.
“The Prime Minister appreciated GE’s longstanding commitment to manufacturing in India. The Prime Minister and Mr. Culp Jr. discussed GE’s greater technology collaboration to promote manufacturing in India,” it said.
India is promoting semiconductor development and has announced a Production Linked Incentive (PLI) scheme to that effect.
Global companies are exploring India as a viable semiconductor investment destination. The country is positioning itself as one of the most attractive destinations in Asia for electronics and semiconductors.
The Indian semiconductor market was valued at $27.2 billion in 2021 and is expected to grow at a healthy CAGR of almost 19 percent to $64 billion by 2026. But none of these chips are manufactured in India as of yet.
Setting up semiconductor units, also known as fabs, is a highly specialized, complex and costly task. Fabs require complex technology, are risky and require a long lead time and payback period.
Prime Minister Modi arrived in Washington from New York, where earlier in the day he presided over a historic event at the UN headquarters to commemorate the 9th International Day of Yoga, attended by UN officials, diplomats and prominent personalities.
He is visiting the US at the invitation of President Biden and First Lady Jill Biden.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)