Prime Minister Narendra Modi, speaking at The Economic Times World Leaders Forum on 23 August, announced that semiconductor manufacturing is gaining momentum in India, with the country’s first domestically produced chip expected to hit the market by the end of 2025. He added that India is also making rapid progress on developing its own 6G network. Modi pointed out that although India missed the semiconductor opportunity decades ago, the government has now changed that trajectory with new factories being established.
He also emphasized India’s ambition to export electric vehicles to over 100 countries and highlighted the nation’s potential to lead global economic growth. Stressing the government’s reform agenda, he mentioned the introduction of a simplified Income Tax Bill after 60 years, aimed at benefiting ordinary citizens.
Modi affirmed that India is poised to become the world’s third-largest economy, crediting macroeconomic stability for the country’s robust growth. He noted the fiscal deficit is projected to drop to 4.4%, even after COVID-related challenges. He further spoke about reforms in maritime laws and the sports sector, including a new National Sports Policy to support India’s growing sports economy and infrastructure.
