World News | PM Modi invites Micron to boost semiconductor manufacturing in India

WASHINGTON, June 22 (PTI) — Prime Minister Narendra Modi has invited US chipmaker Micron Technology to boost semiconductor manufacturing in India as India has a competitive advantage in various parts of the product supply chain.

He also invited Applied Materials to India to develop process technology and advanced packaging capabilities.

Read also | PM Modi warmly welcomed by Joe and Jill Biden Photos and Video: PM Narendra Modi received by US President and First Lady at White House.

Modi discussed the potential of the company to partner with Indian academic institutions to develop a skilled workforce during a meeting with Applied Materials President and CEO Gary E Dickerson.

“The prime minister invited Micron to promote semiconductor manufacturing in India,” said a statement from India’s foreign ministry.

Read also | PM Narendra Modi arrives in Washington, starts second leg of first state visit to US; meets President Joe Biden, addresses joint session of Congress (watch video).

In a meeting with GE CEO Lawrence Culp, Modi invited the company to play a bigger role in Indian aviation and renewable energy.

“The Prime Minister appreciated GE’s long-term commitment to Indian manufacturing. The Prime Minister and Mr. Culp Jr. discussed GE’s enhanced technical cooperation to promote the development of Indian manufacturing,” the statement said.

India is boosting semiconductor development and has announced a Production Linked Incentive (PLI) scheme for this.

Global companies are looking at India as a viable semiconductor investment destination. The country is positioning itself as one of the most attractive electronics and semiconductor destinations in Asia.

The Indian semiconductor market is valued at USD 27.2 billion in 2021 and is expected to grow at a healthy CAGR of nearly 19% to reach USD 64 billion by 2026. But so far, none of those chips are made in India.

Building a semiconductor unit (also known as a fab) is a highly specialized, complex and expensive undertaking. Fabs require complex technology, high risk, and require a long gestation period and payback period.

Prime Minister Modi, who arrived in Washington from New York earlier in the day, hosted a historic event at the United Nations Headquarters to mark the 9th International Yoga Day, which was attended by UN officials, diplomats and dignitaries.

He is visiting the United States at the invitation of President Biden and First Lady Jill Biden.

(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)