PM Modi hails India’s 7.8% June-quarter GDP growth despite global challenges.
Highlights semiconductor future, stressing chips as key to global power shift.
Launches Critical Minerals Mission to secure rare earths for digital infrastructure.
Announces next phase of India Semiconductor Mission with new DLI scheme.
Prime Minister Narendra Modi on Tuesday appreciated India’s strong economic performance in the quarter of June and noted how the country fought the challenges despite challenges driven by ‘economic selfishness’.
While addressing the Semicon 2025, the Prime Minister said that the world "trusts in India" and is ready to build a semiconductor future in the country.
He further pointed out that global power in the 21st century is in the small chip which has the power to advance nations. "The smallest chip made in India will drive the biggest change in the world," he noted.
With strong of words of praise for India’s strong economic performance in the April-June quarter, PM Modi said that the country had surpassed expectations “despite challenges driven by economic selfishness.” His words come at a time when India is facing Trump's 50% tariffs on its imports to the U.S. and many of its sectors are facing setbacks due to the additional duties.
“On one hand, many of the world’s economies are facing uncertainty and challenges related to economic selfishness. Yet, in this environment, Bharat has achieved a remarkable growth rate of 7.8 per cent," he said.
Referring to the latest GDP figures, he said that India recorded a robust performance across all sectors, including manufacturing. In the June quarter, the Indian economy grew 7.8 percent, marking its fastest pace in five quarters. This surpassed the estimates given by economists, thereby dimming hopes of a policy rate cut in October by the Reserve Bank of India.
Additionally, the Prime Minister noted that the global semiconductor market is going to cross 1 trillion dollars in a few years.
"The pace at which India is progressing, I am sure India will play a key role in that share," he mentioned.
The base of digital infrastructure is critical minerals and the country has started working on the Critical Minerals Mission and is committed to meeting the growing demand for rare earth minerals, PM Modi also stated. "We are working on the next phase of the India Semiconductor Mission," he added.
He also highlighted that the government is going to give shape to the new DLI (design-linked incentive) scheme.
