New Delhi: Prime Minister Narendra Modi on Friday said that India could have manufactured 50-60 years ago, but the country “missed the bus” due to a lack of political will in the past.
Speaking at the ET World Leaders Forum 2025, PM Modi stressed that his government has changed this situation and assured that the first Made-in-India chip will hit the market by the end of this year.
Addressing the gathering, the Prime Minister said, “…Semiconductor-related factories have started coming up in India. By the end of this year, the first Made in India chip will come in the market.”
Highlighting the missed opportunities of the past, he said, “We are working rapidly on Made in India 6G. We all know that semiconductor manufacturing could have started in India 50-60 years ago, but India missed that too, and the same thing continued for many years to come. Today we have changed this situation.”
The Prime Minister also took a swipe at previous governments, stating that had they shown the will to work on technologies instead of focusing on “the politics of votebank,” India’s growth journey would have taken off much earlier.
‘India on Track to Become World’s 3rd-Largest Economy’
Underscoring India’s growing global economic role, PM Modi said that the country’s resilience and macroeconomic stability over the past decade have made it the world’s fastest-growing major economy.
“…Today India is the world’s fastest growing major economy. We are going to become the world’s third-largest economy very soon. Experts are saying that India’s contribution to the world’s growth is going to be around 20 % very soon. The reason behind this growth, this resilience that we are seeing in India’s economy, is the macroeconomic stability that has come to India in the last decade. Today, our fiscal deficit is expected to come down to 4.4 per cent. And this is when we have faced such a big crisis of Covid. Today, our companies are raising record funds from the capital market. Today, our banks are stronger than ever. Inflation is very low, interest rates are low. Today, our current account deficit is under control. Forex reserves are also very strong. Not only this, every month lakhs of domestic investors are investing thousands of crores of rupees in the market through SIP…” he said.
PM Modi underlined that the reforms undertaken in recent years have positioned India to not only sustain its growth trajectory but also drive global economic expansion in the coming decade.