India must aim to be self-reliant in semiconductor, other key sectors: PM Modi

"India has no option but to be 'atmanirbhar' (self-reliant) when it comes to semiconductors. This sector has brought new possibilities for Make in India," Modi said at a post-budget webinar on 'Make in India for the World' organised by the Department for Promotion of Industry and Internal Trade.

The semiconductor shortage due to supply chain disruptions caused by Covid-19 affected manufacturing, especially the automobile sector that left India in difficulty.

To end the problem, the Centre in December announced a Rs 76,000 crore production linked incentive PLI) scheme to boost domestic production of domestic semiconductor and display board.

He also urged the manufacturers to make headway in other key sectors such as electric vehicles, medical equipment, and steel.

"Our iron ore goes abroad and we import quality steel from the same countries... Indian manufacturers should ensure that our dependence on imports should be as little as possible," the PM said.

"A country as large as India will never be able to progress and give opportunities to our youth if it only remains a market. We have seen during the pandemic how global supply chains have been destroyed... The world today sees India as a manufacturing powerhouse. Our manufacturing sector is 15 percent of India's GDP. But there are infinite possibilities in front of Make in India. We must work together to make a robust manufacturing base."