PM pitches India to chip majors, assures reforms
New Delhi: Prime Minister Narendra Modi pitched India to global semiconductor companies, highlighting its expanding talent pool, favourable tax regime, and financial incentives. Modi urged investors to seize the opportunity to invest in India and assured them that reforms to improve the business environment will continue. “Last year, the question people were asking at Semicon India was why they should invest in India, but in one year, the question has changed to why not invest.
The winds have changed, and the perception of India has changed," he said at Semicon India 2023 on Friday. “This is the right time for India and the world," he said. Companies assembled at the event, including AMD, Foxconn, Micron, Applied Materials, Cadence and Vedanta concurred, with AMD announcing a $400 million investment in India and Micron appreciating the government’s efforts to quickly allocate land for building its packaging and testing unit with an investment plan of $825 million.
Foxconn chairman Young Liu praised India’s determination in attracting investments. “I can feel the determination of the Indian government. I am very optimistic about the way India will be headed.
PM Modi once mentioned that IT stands for India and Taiwan. Taiwan is and will be your most trusted and reliable partner," said Liu of Foxconn, one the largest Taiwanese companies that have now made India its next investment destination and has invested billions into creating mobile phone manufacturing facilities. The company is looking at other avenues, including electric vehicles and semiconductors.
Read more on livemint.com
