New Delhi, Oct 4 (UNI) Prime Minister Narendra Modi on Friday asserted that Bharat is now focusing on critical technologies such as AI and semiconductors and very soon five semiconductor plants will begin delivering Made in India chips to every corner of the world.
"Our mission is to enhance research and skill development in AI. Under the India Semiconductor Mission, investments totalling Rs1.5 trillion are being made" Modi stated while addressing the 3rd Kautilya Economics Conclave 2024 here.
On boosting manufacturing in Bharat, Modi said "We have introduced Production Linked Incentives (PLI), the impact of which is now visible across many sectors.
"Over the past three years, PLI has attracted investments of approximately Rs1.25 trillion (Rs 1.25 lakh crore). This has resulted in the production and sales amounting to about Rs11 trillion (Rs11 lakh crore)," he said.
Modi noted that Bharat's progress in the space and defence sectors is also remarkable and said these sectors have only recently been opened up, yet more than 200 start-ups have already emerged in the space sector.
"Today, our private defence companies account for 20 percent of the country’s total defence manufacturing," he added.
The Prime Minister also spoke about the growth of the electronics sector, and said, "Just 10 years ago, Bharat was a major importer of most mobile phones. Today, over 330 million or more than 33 crore mobile phones are manufactured in Bharat".
He said amid global uncertainties, India is the fastest-growing major economy with the fifth largest GDP in the world.
"Nearly half of the world’s real-time digital transactions are taking place in Bharat today. Bharat now has the world’s third-largest start-up ecosystem" he said.
"The Indian economy is currently undergoing a significant transformation. With strong economic fundamentals, India is on a path of sustained high growth. The world today offers immense opportunities across every sector. I am confident that your discussions will provide many valuable insights in the days to come", he said.
The Prime Minister noted that following the mantra of ‘Reform, Perform, and Transform,’ the country is continuously making decisions to drive the nation forward rapidly.
He added that the impact has led the people of Bharat to elect the same government for the third consecutive time after 60 years.
"Our commitment is to continue making structural reforms to make Bharat a developed nation. You can see this commitment in the work we have done in the first three months of our third term" he said.
Highlighting the steps taken for economic growth and infrastructure, PM Modi said Bharat’s growth story is its inclusive spirit as a result, 25 crore people have been lifted out of poverty in the last 10 years.
He said Bharat's research output and patent filings have also seen rapid growth in the past 10 years.
"In less than a decade, Bharat has risen from 81st to 39th in the Global Innovation Index rankings, and we aim to advance further. To bolster its research ecosystem, India has also created a research fund worth ₹1 trillion" he said. UNI JA SSP