Prime Minister Narendra Modi warned that humanity is facing a "compounding catastrophe" in the current decade, citing ongoing conflicts and crises. During his visit to The Hague, he announced a major agreement between Tata Electronics and ASML for building a semiconductor plant in Dholera, Gujarat.
The $11 billion deal will support the development of high-end microchip manufacturing at the facility, which is expected to cater to sectors like artificial intelligence and automotive industries. ASML CEO Christophe Fouquet emphasized that India's growing semiconductor industry presents "many compelling opportunities."
Modi called for urgent global action on multiple fronts, stating: "First came the coronavirus pandemic; then wars began to break out, and now there is an energy crisis." He warned that these compounding crises risk turning the current decade into one of unprecedented challenges for humanity.
Speaking at a community event during his European tour, Modi highlighted India's growing role in the global economy and called for "swift change in conditions" to address the interconnected challenges facing the world. The visit to the Netherlands is part of a broader diplomatic push to strengthen India's strategic partnerships in Europe.
The agreement with ASML marks one of 17 key outcomes of Modi’s strategic partnership upgrade during his European tour, which also included inviting Dutch companies for design and innovation in India. The deal underscores the growing importance of semiconductor manufacturing in India's economic ambitions as it seeks to reduce reliance on imports.