PM Modi invites Micron Technology to boost semiconductor manufacturing in India

As India offers competitive advantages in numerous facets of the product's supply chain, Prime Minister Narendra Modi has extended an invitation to American chipmaker Micron Technology to increase semiconductor manufacturing in India.He also extended an invitation to Applied Materials to visit India in order to advance process technology and packaging capabilities.In his meeting with Applied Materials President and CEO Gary E. Dickerson, Modi talked about the possibility for the company to work with academic institutions in India to develop a competent workforce."The prime minister invited Micron Technology to boost semiconductor manufacturing in India," a ministry of external affairs statement said.Micron Technology CEO Sanjay Mehrotra after meeting PM Modi said, "I had an excellent meeting with PM Modi. I am very impressed with the vision that he has for India and the advances that India is making. We discussed a wide range of topics and we really look forward to greater opportunities in India...""Micron is a global leader in memory and storage, and we are a supplier for memory and storage in all end markets from data centres, to smartphones to PCs, and today really fuelling the AI engine as well," he added.Following his meeting with the prime minister, Dickerson said it is time for India to drive incredible growth."We are very very much looking forward to working together with the prime minister and everyone of India to achieve tremendous success together," he said.During his meeting with CEO of General Electric H Lawrence Culp, Modi invited the company to play a greater role in the aviation and renewable energy sector in India."Prime minister appreciated GE for its long-term commitment of 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 it has announced a production linked incentive (PLI) scheme for that.Global companies are exploring India as a viable investment destination for semiconductors. The country is positioning itself as among the most attractive destinations in Asia for electronics and semiconductors.The Indian semiconductor market was valued at USD 27.2 billion in 2021 and is expected to grow at a healthy CAGR of nearly 19 per cent to reach USD 64 billion in 2026. But none of these chips are manufactured in India so far.Setting up semiconductor units, also known as fabs, is a highly specialised, complex and expensive task. Fabs call for complex technology, are high risk and require long gestation and payback periods.Prime Minister Modi arrived in Washington from New York where he led a historic event at the UN Headquarters earlier in the day 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.With inputs from agenciesRead all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.