New Delhi/UNI: Prime Minister Narendra Modi laid the foundation stone for three semiconductor projects worth about 1.25 lakh crore rupees through video conferencing on Wednesday.

These projects are located at Dholera and Sanand in Gujarat and Morigaon in Assam.

The move will help in the development of semiconductors and display manufacturing ecosystems in India.

The India Semiconductor Mission has been set up by the Government of India to create an end-to-end semiconductor ecosystem to enable India to lead the global semiconductor industry.

Addressing the gathering, Prime Minister Modi said, "Today, we are creating history while leaping towards a bright future. These projects will help India become a global hub in semiconductor manufacturing."

He added, "The 21st century is technology-driven and cannot be imagined without electronic chips made in India or designed in India, and it will take India towards self-reliance and modernity."

Talking about the future of the semiconductor industry, PM Modi said, "In the upcoming times, we will start commercial production of semiconductors and related products. India will soon become a global power in this sector as well.".

"The decisions and policies of today will give us a strategic advantage in the future," he further added.

The PM noted that the semiconductor industry is not a stand-alone sector. It is allied to many other sectors, like transportation and communication.

"In the global economy, there is a huge potential for revenue and employment generation from this sector. Chip manufacturing opens avenues not just for employment but also for technological advancements," he said.

During the event, the Prime Minister also participated and addressed the youth in 'India's Techade.

The students from 1814 institutes, including all Central Universities, IITs, NITs, IIMs, IISER, IISc, and other top institutes, participated in the event.