Prime Minister Narendra Modi has invited American chip maker Micron Technology to boost semiconductor manufacturing in India as the country provides competitive advantages in various parts of the product's supply chain.
He also invited Applied Materials to India for development of process technology and advanced packaging capabilities.
Modi in his meeting here with President and CEO of Applied Materials Gary E Dickerson discussed the potential of the company's collaboration with academic institutions in India to create a skilled workforce.
"The prime minister invited Micron Technology to boost semiconductor manufacturing in India," a ministry of external affairs statement said.
During his meeting with CEO of General Electric H Lawrence Culp , Modi invited the company to play a greater role in the aviation and renewable energy sector in India.
"Prime minister appreciated GE for its long-term commitment of manufacturing in India. The prime minister and Mr. Culp Jr discussed GE's greater technology collaboration to promote manufacturing in India," it said.
India is promoting semiconductor development and it has announced a production linked incentive (PLI) scheme for that.
Global companies are exploring India as a viable investment destination for semiconductors. The country is positioning itself as among the most attractive destinations in Asia for electronics and semiconductors.
The Indian semiconductor market was valued at USD 27.2 billion in 2021 and is expected to grow at a healthy CAGR of nearly 19 per cent to reach USD 64 billion in 2026. But none of these chips are manufactured in India so far.
Setting up semiconductor units, also known as fabs, is a highly specialised, complex and expensive task. Fabs call for complex technology, are high risk and require long gestation and payback periods.
Prime Minister Modi arrived in Washington from New York where he led a historic event at the UN Headquarters earlier in the day to commemorate the 9th International Day of Yoga, attended by UN officials, diplomats and prominent personalities.
He is visiting the US at the invitation of President Biden and First Lady Jill Biden.
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