Thu Sep 12 11:04:48 UTC 2024: ## India’s Chip Stocks Surge on PM Modi’s Semiconductor Push
**New Delhi, September 12, 2024:** Indian semiconductor stocks soared on Wednesday, fueled by Prime Minister Narendra Modi’s strong endorsement of India’s chip manufacturing ambitions at the SEMICON India 2024 conference.
Key players like SPEL Semiconductor, ASM Technologies, and RIR Power Electronics saw gains of over 5-6%, pushing the chip sector up 6% against the overall market. This rally comes after a two-day slump due to profit booking.
At the conference, PM Modi emphasized the significance of supply chain resilience and pitched India’s capability to become a global semiconductor hub. He also highlighted the ₹1.5 lakh crore in investments already secured for semiconductor manufacturing, signaling a major step toward achieving this goal.
PM Modi reiterated India’s ambition to reach a $500 billion electronics sector by the end of the decade, citing the country’s reformist government, robust manufacturing base, and tech-savvy market as key strengths.
The PM’s speech bolstered investor confidence, with industry executives noting that India is emerging as a favorable destination for semiconductor investments.
Despite the positive news, broader market indices Sensex and Nifty 50 exhibited volatility due to upcoming US inflation data, which could influence the Federal Reserve’s interest rate decisions. Nifty 50 closed at 24,915 points, while Sensex settled at 81,485 points.
The SEMICON India 2024 conference, held in Greater Noida, is showcasing India’s semiconductor strategy and policy, aiming to position the country as a global hub. The three-day event features discussions and showcases related to India’s vision for the future of semiconductor technology.
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