Micron Technology, US Chipmakers Receive Invitation from Narendra Modi to Boost Semiconductor Production In India - Micron Technology (NASDAQ:MU)

This story was first published on the Benzinga India Portal.

India’s Prime Minister, Narendra Modi, has extended an invitation to Micron Technology, Inc MUan American chip maker, to ramp up semiconductor production in India, highlighting the country’s competitive benefits across the supply chain.

What Happened? Applied Materials has also received an invitation to aid in the development of process technology and advanced packaging capabilities in India, reported Indian press agency PTI.

Modi’s discussions with Gary E Dickerson, the President and CEO of Applied Materials, Inc AMAT, focused on the potential for the company to collaborate with Indian academic institutions to build a skilled workforce.

Following their meeting, Sanjay Mehrotra, CEO of Micron, expressed enthusiasm for further opportunities in India, stating that Micron is a global leader in memory and storage.

See also: Is India Overtaking China As U.S.’s Manufacturing Hub? Narendra Modi Says It’s About India’s Rightful Global Position

Modi also met with H Lawrence Culp, the CEO of General Electric (GE), where he encouraged the company to take on a larger role in India’s aviation and renewable energy sectors. He acknowledged GE’s long-standing commitment to manufacturing in India and expressed interest in further technological collaborations with GE to boost manufacturing in the country.

Luring Chipmakers: India is currently promoting semiconductor development through a production-linked incentive (PLI) scheme, positioning itself as one of the most appealing destinations in Asia for electronics and semiconductors.

In 2021, India’s semiconductor market had a value of $27.2 billion, and experts predict a near 19% growth to $64 billion by 2026. Despite this potential, India currently doesn’t produce any of these chips. This situation underscores the requirement for specialized, complex, and costly semiconductor units, often referred to as “fabs,” to be established in the country.

Read next: PM Modi ‘Fan’ Elon Musk Lines Up 2024 Date For India Visit: Stars Aligned for Starlink?

Image and article originally from www.benzinga.com. Read the original article here.