PM Modi hails 7.8 per cent GDP growth, takes swipe at Trump’s tariffs

Prime Minister Narendra Modi, in an apparent dig at US President Donald Trump over imposing 50 per cent tariffs on India, said at the Semicon India Conference in Delhi on Tuesday (September 2) that India's GDP grew by 7.8 per cent in the first quarter of this financial year despite "challenges arising from economic selfishness".

His comments come a day after he returned from the SCO summit in China, where his bonhomie with Russian President Vladimir Putin and his Chinese counterpart Xi Jinping made headlines.

"India achieved 7.8 per cent growth at a time when there are economic concerns around the world and challenges arising from economic selfishness," said Modi.

"Just a few days ago, the GDP numbers for the first quarter of this year came out. Once again, India has performed better than every expectation, every assessment,” he added.

Also Read: Decoding strategic realities behind Modi-Xi's diplomatic tango

‘World's growing trust in India’

The Prime Minister further stated that his government initiated the Semicon India program in 2021, and by 2023, India's first semiconductor plant was approved.

“In 2025, we cleared five additional projects. Overall, an investment of more than Rs 1.5 lakh crore is being made in ten semiconductor projects. This shows the world's growing trust in India. We have implemented the National Single Window System. Through this, all the approvals from the Centre and the states are being received on a single platform. As a result, our investors are now freed from a significant amount of paperwork,” added Modi.

"India is now moving beyond the backend to become a full-stack semiconductor nation. The day is not far when India's smallest chip will drive the biggest change in the world. Our journey started late, but nothing can stop us now,” the Prime Minister said as quoted by ANI.

Also Read: India-China at SCO: Retd Commodore Seshadri Vasan explains Modi’s balancing act

Hails India’s innovation and youth power

Noting the presence of semiconductor sector experts from across the globe, with representation from over 40 to 50 countries at the event, the Prime Minister emphasised that “India’s innovation and youth power” are also visibly present at the event.

He said that this unique combination sends a clear message: “The world trusts India, the world believes in India, and the world is ready to build the semiconductor future with India”.

Emphasising that in the semiconductor sector, speed matters, the Prime Minister said, “The shorter the time from file to factory, and the lesser the paperwork, the sooner wafer work can begin”.

Also Read: PM Modi flags concerns over cross-border terrorism in talks with Xi

Investors freed from extensive paperwork

He stressed that the government is working with this very approach, adding that the National Single Window System has been implemented, enabling all approvals from both the Centre and states to be accessed on a single platform. As a result, investors have been freed from extensive paperwork, he said.

The prime minister, according to a government release, stated that semiconductor parks are being developed across the country under a plug-and-play infrastructure model, which offers facilities such as land, power supply, port and airport connectivity, and access to a skilled workforce. He said that when such infrastructure is combined with incentives, industrial growth is inevitable, adding that whether through PLI incentives or design-linked grants, India is offering end-to-end capabilities.