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PM Modi's Semicon India 2024 speech impact: Semiconductor stocks surge today
Semiconductor stocks were up following PM Modi's commitment to enhancing India's semiconductor infrastructure.
Semiconductor stocks rallied after Prime Minister Narendra Modi asserted India's commitment to building and growing its semiconductor infrastructure at the Semicon India 2024 event.
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The PM said that the world can bet on India when the chips are down globally. It is the right time to be in India, he said, highlighting India's growing stature in the global chip manufacturing industry.
India contributes 20 per cent of the world's talent, he said, adding, “For India, chip’s meaning is not just technology, but a medium to address the aspirations of consumers. India is a big consumer of chips.”
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The government is working with a 360-degree approach towards the chip industry as it aims to increase the number of semiconductors produced in the country, the PM said.
IT minister Ashwani Vaishnaw also said the government is committed to developing a strong talent pool of 85,000 engineers and technicians in the next 10 years in India, adding, “The government has tied up with 113 universities, academic institutions, and R&D organisations to develop a curriculum with a semiconductor focus. Our focus on design ecosystem development will lead to at least 3 or 4 major products in coming years.”
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Semiconductor stocks up today
RIR Power Electronics and SPEL Semiconductor hit upper circuits of five per cent while CG Power and ASM Technologies shares were trading higher by 2.5 per cent each. Moschip Technologies shares were up four per cent.
