New Delhi [India], August 15 (ANI): Industry leaders have welcomed Prime Minister Narendra Modi's Independence Day focus on manufacturing, semiconductors and MSMEs, saying the push for domestic capabilities and greater access to global markets can strengthen India's position in global value chains and support the next phase of economic growth.
Reacting to the Prime Minister's address from the Red Fort, industry representatives highlighted the semiconductor sector as a key area where India can move from dependence on external suppliers towards greater technological capability and global leadership.
Pankaj Mohindroo, Chairman, ICEA, said the Prime Minister's commitment to adding five to eight semiconductor plants over the next seven to eight years marked a significant shift in India's technology ambitions.
"The bold commitment to 7 to 8 new semiconductor fabs signals an unequivocal move from assembly-line dependence to a leadership position at the heart of global technology manufacturing," Mohindroo said.
He added that the focus on manufacturing and AI could help India strengthen its position in global value chains, saying, "India's electronics sector is no longer content to be seen as a secondary option; it is setting the standard for trust, resilience and dominance in the world's digital economy."
CII Director General Chandrajit Banerjee also said the Prime Minister's focus on semiconductors, along with manufacturing and other strategic sectors, points to the areas that could drive India's growth in the coming decade.
"The Prime Minister's focus on nuclear energy, semiconductors and the green and blue economies also points to where India's next decade of growth will come from," Banerjee said. He added that industry was ready to support the vision through sustained investment in areas of strategic importance.
Banerjee further said wider market access through FTAs could also help agriculture and food-processing businesses build global brands around products such as millets, spices, fruits and flowers, creating opportunities for farmers and rural enterprises.
On MSMEs, ASSOCHAM President Nirmal Kumar Minda said the emphasis on FTAs, global trade and strategic sectors could create new opportunities for Indian businesses, particularly smaller enterprises.
"Greater market access and stronger global value-chain integration can create new opportunities for Indian industry, MSMEs and exporters," Minda said.
The Prime Minister had urged MSMEs to use India's expanding network of free trade agreements to reach global markets, while emphasising the need to meet international standards on cost, quality and scale.
The industry reactions come as the Prime Minister called for India to build the entire manufacturing value chain domestically and emerge as a trusted hub in global supply chains, with quality, cost and scale as key priorities. (ANI)
India's semiconductor, manufacturing push to drive global value-chain ambitions: Industry leaders
