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Union Minister of State for Commerce and Industry, Jitin Prasada, on Wednesday credited Prime Minister Narendra Modi for hosting the three-day 'Semicon India 2024' at Greater Noida, saying India will soon become the world’s third largest economy due to its semiconductor technology. 

“It is due to the resolve and vision of the Prime Minister that national and international CEOs and cyber experts on semiconductors have come to India. It is a big moment for India that these champions of the industry are visiting the country,” the Union Minister told IANS.

Prasada added that it is with the help of this (semiconductor) technology that India is poised to become the third largest economy in the world.

“Under the leadership of PM Modi, India is marching ahead. Today’s programme was also a huge success,” the Minister added, after the Prime Minister inaugurated the three-day Semicon India 2024 on Wednesday.

Addressing the gathering, PM Modi said this is the right time to be in India when it comes to semiconductor manufacturing, as the country provides an integrated ecosystem for the global players, along with ease of doing business and a large talent pool.

Speaking to a packed house in the presence of key industry stakeholders, PM Modi said "chips are never down in India" and "you can bet on our growth story".

“Come, invest and create value and we will provide an integrated ecosystem for your growth. India has 20 per cent of the global talent in semiconductor design which is consistently growing. We are building an 85,000-strong semiconductor workforce with technicians, R&D experts and designers,” the Prime Minister said.

On Tuesday, top CEOs of semiconductor companies hailed PM Modi’s leadership, saying he has inspired not just India, but the entire world.