PM Modi to US tech CEOs: India investing heavily in design, skills, and innovations

New York, September 23 : Prime Minister Narendra Modi showcased India’s growing stature as a global technology and innovation hub in his address to CEOs of leading tech companies in the US.

Participating in a roundtable with the CEOs in New York on Sunday during the second day of this three-day visit to the US, the Prime Minister emphasized the nation’s strides in the semiconductor sector, electronics, and workforce development, underscoring India’s commitment to becoming a key player in the global economy,

“We are also placing significant emphasis on ‘Design in India,’ so that we can offer something new to the world. In the semiconductor sector, we are moving forward with an additional investment of USD 15 million,” Modi said.

“In semiconductor design, India already holds a 20 per cent share, and the government has recently launched a ‘Design in India’ campaign for every sector,” he added.

In addition, he noted, “Recently, we also established a $12 billion research fund to promote high-end research, as we want to place a special emphasis on innovation.” Not only was the electronics sector booming today, but India had ambitious goals of increasing it by 2030, he said.

“Today, our electronics sector is worth more than $150 billion, and our goal is to reach $500 billion by 2030, which will help us create 6 million new jobs in this sector. We are ready to collaborate with the industry as much as possible, and I have been successful in making the system proactive in this direction,” PM Modi said

“India has the complete potential to become a reliable and credible partner in the global semiconductor ecosystem supply chain,” he assured the tech CEOs. India has a working population of more than 500 million, and the average age in India is 28 years.

“Importantly, our youth are showing great interest in STEM education, and even girls are actively participating,” he said, adding that, “For Industry 4.0, we are advancing towards creating an industry-ready workforce. Based on your experience and requirements, if we find a suitable product, we can quickly move forward and scale it up rapidly.”

India’s aim is to train 85,000 technicians, engineers, and R&D experts in the next 1-2 years, he said. “We are striving to create an ecosystem that provides skills aligned with industry requirements.”

The stability of the economic and investment environment in India, was a given, he indicated.

“India is a country that possesses technology, democracy, and a thriving market. Today, India boasts one of the most vibrant digital ecosystems. It is home to the third-largest startup ecosystem in the world. Additionally, India has the largest pool of young talent globally.”