New Delhi, Aug 15 (IANS): The country has the potential to fulfil the dream of developing a ‘Made in India’ chip for every piece of equipment, Prime Minister Narendra Modi said on Thursday.

In his address to the nation, PM Modi outlined a series of futuristic goals aimed at shaping India's growth and achieving the target of Viksit Bharat by 2047.

“There was a time when we used to import mobile phones but today, we have created a manufacturing ecosystem in the country and India has emerged as a big manufacturing hub. We have now started exporting mobile phones,” the Prime Minister emphasised.

India’s electronics sector has experienced rapid growth, reaching $155 billion in FY23. Production nearly doubled from $48 billion in FY17 to $101 billion in FY23, driven primarily by mobile phones, which now constitute 43 per cent of total electronics production.

PM Modi further said that semiconductors, modern technologies and artificial intelligence are “inextricably linked to our future and we have started working on the Indian Semiconductor Mission.”

The country has the potential of fulfilling this dream and, therefore, the production and semiconductor-related work will happen here in India.

“India has the talent and the means to provide the world with end-to-end solutions. Why can't every piece of equipment have a 'Made In India' chip?” PM Modi said, adding that the country is moving ahead rapidly with 5G.

The first indigenously-developed chip is set to arrive in the country by the end of this year.

“I assure you we won't stop here. We are working on mission mode for the development of 6G networks,” said the Prime Minister.

India has significantly reduced its reliance on smartphone imports, now manufacturing 99 per cent domestically.