Thu Sep 12 11:16:54 UTC 2024: ## India’s Semiconductor Ambitions Boost Stocks: PM Modi’s Pledge Sparks Optimism
**Bangalore, India** – Semiconductor stocks surged on Tuesday following Prime Minister Narendra Modi’s bold declaration at the Semicon India 2024 event, signaling India’s unwavering commitment to becoming a global powerhouse in the industry.
Addressing the event, PM Modi declared that India is the right destination for semiconductor investment, highlighting the country’s rapidly growing stature in the global chip manufacturing scene. He assured the world that India will be a reliable partner “when the chips are down.”
Modi emphasized India’s significant contribution to the global talent pool, stating that the country provides 20% of the world’s semiconductor workforce. He further stressed that India’s ambition goes beyond technology, aiming to utilize semiconductors to cater to the aspirations of its vast consumer market.
The government’s comprehensive approach to the chip industry was underlined by IT Minister Ashwani Vaishnaw, who announced plans to develop a strong pool of 85,000 engineers and technicians within the next decade. This ambitious program involves collaboration with 113 universities, academic institutions, and research and development organizations to develop specialized semiconductor-focused curriculum.
The positive sentiment resonated in the stock market, with semiconductor-related companies experiencing notable gains. RIR Power Electronics and SPEL Semiconductor hit the upper circuit limit of 5%, while CG Power and ASM Technologies shares climbed 2.5% each. Moschip Technologies saw a four percent surge in its share price.
The PM’s speech and the government’s proactive measures have ignited optimism in the Indian semiconductor sector, signaling a promising future for the industry and a significant contribution to India’s economic growth.
First Piper 