Prime Minister Narendra Modi inaugurated SEMICON India 2026 on Thursday. Addressing the event, PM Modi said India's chips are now reaching customers, and the country is taking steps to become a preferred destination for semiconductor manufacturing.
"India Semiconductor Mission 2.0 expanded outlay to USD 13.5 billion from USD 8 billion in the first phase. So far, 12 chip-making projects have been approved; the next phase will see this increase further. The world needs new and trusted locations for chip manufacturing, and India is preparing itself for this," he said.
He also said the development over the past 15 days shows how fast India is progressing today.
"If we look at just the past 15 days, it gives us an idea of the direction in which India is moving and the speed at which it is progressing. Just 10 days ago, the Global Fintech Fest was held in Mumbai. Discussions there focused on inclusive finance through agentic AI, tokenisation and quantum technology. During the same period, around 3,000 kilometres of dedicated freight corridors in India became fully operational. I am talking about these 10 days of September, not about something from the past. This will accelerate movement across the country, improve logistics and give new strength to manufacturing," the Prime Minister said.
Indian economy is expanding rapidly
Citing first-quarter GDP growth, the Prime Minister said the Indian economy is expanding rapidly, and so is the world's confidence in the country.
"India's quarterly GDP report was released in September itself, and even during this challenging period, India achieved 7.8 per cent growth. During the same period, Japan's credit rating agency upgraded India's sovereign rating. This happened after nearly three decades, around 35 years. On one hand, India's economy is growing. On the other hand, the world's trust in India is also increasing. Friends, another major picture of this trust was seen at the BRICS Summit, which concluded three days ago. India successfully hosted the summit, and the adoption of the New Delhi Declaration with everyone's consensus is another major testament to the world's trust in India," PM Modi said.
SEMICON India 2026 theme
This year's theme is ‘Silicon to Systems: Building the Ecosystem’. SEMICON India 2026 aims to bring together the entire value chain of the semiconductor and electronics sector. Companies from India, policymakers, investors, researchers, startups, and thousands of students from more than 650 educational institutions across the country participated virtually.
