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Prime Minister Narendra Modi on Tuesday said that the world now trusts India and is ready to build the future of the semiconductor industry with it. He announced that the government will soon introduce the next generation of reforms in the sector. Inaugurating Semicon India 2025 in New Delhi, PM Modi emphasised India’s pivotal role in the trillion-dollar global chip market. “Investments of $18 billion are being made in 10 semiconductor projects approved since 2021,” he said. “The world trusts India, the world believes in India, and the world is ready to build the semiconductor future with India. While the last century was shaped by oil, the future will be shaped by chips.” The Prime Minister noted that the global semiconductor market, already valued at $600 billion, is on track to surpass $1 trillion, with India playing a key part. He said India is building a robust semiconductor ecosystem that goes beyond manufacturing to include research, design, and innovation, making the country globally competitive and self-reliant. Design centres in Noida and Bengaluru are developing some of the world’s most advanced chips, he said, while India continues to tackle industry-wide challenges. Modi also underscored India’s economic resilience, pointing to the country’s 7.8% GDP growth in the April–June quarter, achieved despite global headwinds. “Once again, India has performed better than every expectation, every assessment. At a time when the global economy is under pressure, India has achieved 7.8% growth. This performance shows India is on the right track to becoming a product nation,” the Prime Minister said. Union Electronics and IT Minister Ashwini Vaishnaw also addressed the gathering, urging global companies to manufacture in India. He said the country has laid a strong foundation for its semiconductor industry within just a few years. The three-day Semicon India 2025 conference, themed “Building the Next Semiconductor Powerhouse,” is being held from September 2 to 4 at Yashobhoomi. Jointly organised by the India Semiconductor Mission (ISM) under the Ministry of Electronics and Information Technology (MeitY) and SEMI, the global semiconductor industry association, it is one of South Asia’s largest semiconductor gatherings. The event features more than 350 exhibitors from 33 countries, over 15,000 visitors, six country roundtables, four country pavilions, and participation from nine Indian states. Sessions will focus on semiconductor fabs, advanced packaging, R&D, artificial intelligence, smart manufacturing, state-level policies, and investment opportunities.

Reliance Industries Ltd. is set to emerge as the biggest beneficiary of China’s efforts to rein in industrial overcapacity, alongside its own internal restructuring, according to a new report by Morgan Stanley. Billionaire Mukesh Ambani’s conglomerate is positioned to gain from Beijing’s so-called “anti-involution” measures across energy and solar supply chains. “Reliance is the largest beneficiary of China’s anti-involution focus across energy and solar supply chains,” analysts led by Mayank Maheshwari wrote in a note dated September 1. They added that Reliance’s own restructuring in its consumer businesses, or “self-anti-involution,” is also creating fresh value — factors not yet fully priced into the stock. In China, “involution” refers to cutthroat competition that yields little return, while “anti-involution” reflects policymakers’ and firms’ attempts to counter that. Beijing’s measures are seen as lifting equities at a time when the Chinese economy is grappling with deflation. Reliance, meanwhile, is building a fully integrated solar supply chain in India just as China rationalises its polysilicon output. Morgan Stanley estimates this shift could lower Reliance’s energy costs by as much as 40% by 2030, with new-energy earnings accounting for 13% of profits by 2027. At its annual general meeting on August 29, Reliance unveiled an ambitious green energy roadmap. Chairman Mukesh Ambani and director Anant Ambani announced plans to create what they described as the world’s most integrated new-energy ecosystem. “Hydrocarbons will remain vital for India for several years. Our strategy is clear: excel in traditional energy while building the system of the future,” Mukesh Ambani told shareholders during the company’s 48th AGM. The group aims to maintain its strength in Oil-to-Chemicals (O2C) while accelerating renewable energy investments. Ambani reiterated the company’s commitment to doubling earnings before interest, taxes, depreciation, and amortisation (EBITDA), a target first outlined in 2022. Morgan Stanley’s analysts believe China’s restructuring marks the bottom of the petrochemical cycle and will bolster pricing for Reliance’s solar supply chain. They estimate these anti-involution shifts in both China and Reliance could add $20 billion in net asset value, lifting the company’s earnings forecast for fiscal 2028 by 17%. The brokerage has maintained its overweight rating on Reliance and raised its 12-month price target to ₹1,701 from ₹1,602, implying a potential 26% upside from Monday’s close. Analysts noted that current valuations assign “near zero value” to Reliance’s new-energy and AI ventures, with only limited upside priced in for FMCG growth. Other brokerages are also optimistic. Nuvama has set the highest target at ₹1,733, citing a “multi-decadal opportunity” in Reliance’s new energy business, alongside growth from O2C, artificial intelligence, and FMCG expansion.