We are going to make a whole ecosystem of semiconductors in India: PM Modi says in Singapore

PM Modi in Singapore: Prime Minister Narendra Modi is on a two-day visit to Singapore. During his visit to the country, the Prime Minister talked extensively about his plans of developing a robust semiconductor ecosystem in India.

"We are also moving aggressively in the semiconductor space, with around 50 companies already operational, and there are further possibilities ahead. We are not just focused on small developments but are working to build the entire semiconductor ecosystem," PM Modi said while addressing the Business Leaders' summit in Singapore today.

His remarks followed India's Ministry of Electronics and Information Technology signing a Memoradum of Understanding (MoU) with Singapore's Ministry of Digital Development and Information over upskilling and reskilling manpower in digital domain. In addition to this, India and Singapore also signed MoUs for cooperation in semiconductor ecosystem, digital technologies and skill development.

During his conversation with the business leaders of the country, he also talked about the growth of startups in smaller towns and cities in the country.

"Startups are growing very fast in tier 2 & tier 3 cities in India," he added during his address.

"We have implemented significant reforms in the startup ecosystem, and this year’s budget has introduced even more incentives for startups. In India, even tier-two and tier-three cities are seeing rapid startup growth. Ten years ago, we had around 100 startups, but now, that number has grown to over 1,000. A large number of international investors are backing these ventures, and the success stories are evident, with numerous unicorns emerging from them," he added.

In addition to talking about building a semiconductor ecosystem in India and expansion of startup to tier-2 and tier-3 towns and cities in the country, PM Modi highlighted India's achievements in the tech domain.

"India has immense talent, and we are confident in harnessing it...Our UPI system is leading the world, with fifty percent of the world's real-time financial digital transactions taking place in India alone. This means that if you wish to expand globally in the realm of fintech, India can easily serve as your central hub," PM Modi said.

"Today, we are at the forefront of chip manufacturing globally, with major companies setting up operations here. If we aim to advance further in this direction, there is enormous potential," he added while speaking with the business leaders in Singapore.