Yesterday PM Modi made this appeal regarding semiconductors, today a big deal was signed

Semiconductors are going to be our biggest need in the coming times. Seeing the demand, PM Modi addressed Semicon India 2024 on 11 September and also made a big appeal. He said that our dream is that every electronics in the world should have a chip made in India. 

Within 24 hours of this statement of PM Modi, a big deal has been signed to fit semiconductors in the country's ecosystem, which will create a lot of employment in the coming months. Which is also good for the country's economy.

What is that deal?

Global semiconductor body SEMI and its counterpart IESA have announced a strategic agreement to boost the industry's ecosystem in India. 

Under the agreement, Electronics and Semiconductor Association of India (IESA) will become part of SEMI. SEMI is the organiser of SEMICON events including SEMICON India, a joint statement said.

SEMI President and CEO Ajit Manocha said that this partnership will help SEMI to build a strong presence in this important emerging market and will enable both organizations to identify concrete strategies that leverage our combined strengths to enhance supply chain robustness. The agreement was signed during SEMICON India 2024, a statement issued on Wednesday said.

This deal will be beneficial

The agreement will also pave the way for joint policy advocacy efforts, wherein IESA and SEMI will work closely with the Central and State Governments to promote incentives for product development and manufacturing, and to leverage key programmes such as the Production Linked Incentive (PLI) and Design Linked Incentive (DLI) models.

IESA President Ashok Chandak said that this achievement is a big win for India, SEMI and IESA. It will position India to become a global semiconductor powerhouse, drive economic growth and promote innovation.