Tech3 | PM Modi's big semiconductor push; Samsung India to layoff employees amid slowing growth; and more

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In today’s newsletter:?

• PM Modi's big semiconductor push?
• Samsung India to layoff employees amid slowing growth
• GCC exports skyrocket in India

PM Modi’s big semiconductor push

At a gathering of the who’s who of the chip industry near the national capital, PM Narendra Modi reiterated?India’s ambitions to become a significant part of the global semiconductor supply chain. “When the chips are down, you can bet on India… Our dream is that every device in the world will have an India-made chip,” he said.

Tech talk:?The prime minister also announced India’s goal to have 100% electronic manufacturing take place within the country.

• India is creating a semiconductor workforce of 85,000 technicians, engineers and R&D experts, he said

• Modi also revealed plans to establish a chip R&D unit at the Indian Institute of Space Sciences, in collaboration with IITs, to produce next-generation chips

• He remarked that the world is moving forward from ‘oil diplomacy’ to an era of ‘silicon diplomacy'

Also Read | Uttar Pradesh to attract semiconductor production units

Stock reaction:?Following his speech, the market gave a thumbs up to semiconductor stocks.?

• At 1 pm, RIR Power Electronics and SPEL Semiconductor hit their respective upper circuits of 5%

• CG Power and ASM Technologies shares were trading higher by 2.5% each, while Moschip Technologies shares were up 4%.

Meanwhile, infrastructure major Larsen & Toubro said it plans to invest more than $300 million?to create a chip company, joining other Indian conglomerates like Adani and Tata.

Also read: NXP Semiconductors to invest over $1 billion in India, doubling its R&D effort, says CEO Kurt Sievers

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