Prime Minister Narendra Modi assured the CEOs of semiconductor industry that his government will follow a “predictable and stable” policy regime even as he emphasized that India has the wherewithal to become a reliable partner in the diversified semiconductor supply chain.

Ahead of the Semicon India conclave, the prime minister chaired on Tuesday a Semiconductor Executives Roundtable in which he underlined that democracy and technology together can ensure the wellbeing of humanity. He gave assurances to the CEOs that India will provide a conducive environment for growth in the semiconductor sector.

“The Indian government will follow a predictable and stable policy regime. With the focus of Make In India and Make for the World, the government will continue to support the industry at every step,” Modi said, according to officials.

Prime Minister Modi said the ideas of the innovators in this field have an impact on India’s future and semiconductors will be the basis of the coming Digital Age which will be technology driven. “The day is not far when the semiconductor industry will be the bedrock for even our basic necessities,” he said.

Underlining the pillars of development, the prime minister enlisted developing social, digital and physical infrastructure, giving boost to inclusive development, reducing compliance burden and attracting investment in manufacturing and innovations. He underscored that India has the capability to become a trusted partner in a diversified semiconductor supply chain.

Modi said India has an admirable talent pool and his government has put immense focus on skilling to ensure that trained workforce is available for the industry. India is making all efforts to develop products which are globally competitive, he underlined. He maintained that India is a great market for investing in hi-tech infrastructure and the excitement shared by the leaders of the semiconductor sector today will motivate the government to work harder for this sector.The CEOs appreciated India’s commitment to the growth of the semiconductor sector and said that what has transpired today is unprecedented wherein leaders of the entire semiconductor sector have been brought under one roof. They talked about the immense growth and future scope of the semiconductor industry.They said the centre of gravity of the semiconductor industry is starting to shift towards India, adding that the country now has a suitable environment for the industry which has put India on the global map in the semiconductor sector. Expressing their belief that what is good for India will be good for the world, they said India has amazing potential to become a global power house in raw materials in the semiconductor sector. India has a business friendly environment.