In a pointed critique of tariffs imposed by former US President Donald Trump, Prime Minister Narendra Modi announced that India’s GDP surged by 7.8% in the first quarter of the financial year. Speaking about these economic achievements, Modi attributed the growth to the nation’s resilience in the face of “economic selfishness” on a global scale. He emphasized that India managed to outpace predictions, which estimated a growth of only 6.5%, and marked an increase of 1.3 percentage points compared to the same period last year.
Modi noted that this impressive growth is evident across various sectors, including manufacturing, services, agriculture, and construction, injecting renewed enthusiasm and vigor into the Indian economy. He remarked on the global economic concerns but maintained that India’s swift progress is fueling a wave of positivity among industries and citizens alike.
During his speech at the India Semicon 2025 conference, the Prime Minister articulated his vision for India’s semiconductor industry, asserting that the country is transitioning from a backend role to becoming a comprehensive semiconductor powerhouse. He expressed optimism about how India’s innovations will shape global development, noting, “The day is not far when India’s smallest chip will drive the biggest change in the world.”
Modi detailed the inception of the Semicon India program in 2021, highlighting milestones including the approval of the country’s first semiconductor plant in 2023, additional plants in 2024, and another five projects cleared in 2025. He revealed that over Rs 1.5 lakh crore is being invested in ten semiconductor initiatives, which reflects the growing global trust in India’s capabilities.
The Prime Minister also introduced the National Single Window System, which streamlines approvals from central and state governments, significantly reducing bureaucratic hurdles for investors. He remarked on the semiconductor industry’s potential, comparing chips to “digital diamonds” that will shape the future, in contrast to the “black gold” of oil that defined the previous century.
By underscoring India’s critical role in the global semiconductor ecosystem, Modi’s statements resonate with a forward-looking vision aimed at attracting foreign investment and enhancing self-reliance in high-tech manufacturing.
Original Source: https://www.india.com/news/india/pm-modi-takes-a-dig-at-trumps-tariffs-on-india-7-8-growth-despite-challenges-arising-from-economic-selfishness-semicon-india-conference-update-8048659/
Category: India,Ashwini Vaishnaw,Chip Manufacturing,electronics,Narendra Modi,Semicon,Semiconductor
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Publish Date: 2025-09-02 12:37:00
