India's GDP grew 7.8% despite 'economic selfishness': Modi targets Trump
What's the story
In an apparent swipe at US President Donald Trump, Prime Minister Narendra Modi stated that India's GDP grew by 7.8% in the first quarter of the fiscal year despite "challenges arising from economic selfishness." "With this momentum, we are well on our way to becoming the world's third-largest economy," PM Modi said after inaugurating the SEMICON India 2025 in New Delhi on Tuesday.
Economic potential
'Chips are digital diamonds'
Speaking at the summit, PM Modi highlighted India's potential in the global semiconductor market, which is currently around $600 billion and expected to cross $1 trillion in a few years. "It is said in the semiconductor world that oil was black gold, but chips are digital diamonds. Our last century was shaped by oil...But the power of the 21st century is limited to a small chip. This chip has the power to accelerate the development of the world," he added.
Event
Investment of more than ₹1.5 lakh crore made
Recalling how the Semicon India program started, he said, "In the year 2021, we started [it]. By the year 2023, India's first semiconductor plant was approved. In 2024, we approved additional plants. In 2025, we cleared five additional projects." Overall, an investment of more than ₹1.5 lakh crore is being made in 10 semiconductor projects. This, he said, shows the world's growing trust in India.
Conference goals
Semicon India 2025
"We have implemented the National Single Window System. Through this, all the approvals from the Centre and the states are being received on a single platform....our investors are now freed from a significant...paperwork," he explained. During the event, Union Minister for Electronics and Information Technology Ashwini Vaishnaw also presented PM Modi with India's first "Made in India" semiconductor chip. The Vikram 32-bit processor was developed by the Indian Space Research Organisation's Semiconductor Lab.
Global event
India's semiconductor push
The three-day Semicon India 2025 conference seeks to strengthen India's semiconductor ecosystem. The event will include a roundtable with global CEOs and sessions on various topics like semiconductor fabrication, AI innovations, investment opportunities, smart manufacturing, and workforce development. Over 20,750 participants from across the globe are attending this year's edition of the conference.