Semiconductor stocks jumped as much as 5% after Prime Minister Narendra Modi reaffirmed India’s commitment to strengthening its semiconductor infrastructure during his address at the Semicon India 2024 event. The announcement led to a surge in semiconductor stocks on the market today.
Semiconductor Stocks gains 5% higher
As of this afternoon, stocks such as RIR Power Electronics and SPEL Semiconductor hit their respective upper circuits of 5%, attracting only buyers. Other semiconductor-related stocks like CG Power and ASM Technologies were trading 2.5% higher, while Moschip Technologies shares rose by 4%.
What did PM Modi say about the semiconductor industry?
During his speech on September 11, PM Modi emphasized India’s increasing role in the global semiconductor manufacturing industry, highlighting that the country contributes 20% of the world’s talent in the sector. He added that this number is on the rise and encouraged global players to bet on India’s semiconductor potential.
“When the chips are down, the world can bet on India,” Modi remarked, stressing that India is a major consumer of chips and is focused on becoming a major player in chip production. He noted that the government is taking a 360-degree approach to boost the industry, aiming to significantly increase semiconductor production within the country.
Government’s initiatives to support semiconductor talent development
IT Minister Ashwani Vaishnaw also addressed the event, outlining the government’s plans to build a talent pool of 85,000 engineers and technicians over the next decade. He announced collaborations with 113 universities, academic institutions, and R&D organizations to develop a semiconductor-focused curriculum.
“Our focus on ecosystem development will result in at least three or four major semiconductor products in the coming years,” Vaishnaw added.