Indian Prime Minister Narendra Modi said technology firms will receive 50% financial assistance from the government to construct semiconductor manufacturing facilities in the country.

During a speech Modi gave at the SemiconIndia 2023 conference, he highlighted the government’s commitment to making policy changes that promote the growth of the Indian semiconductor sector, according to Fagen Wasanni Technologies.

“Earlier, people were questioning our aim to make chips and were asking ‘why invest (in India).’ Now, the question has changed to ‘why not invest,’” Modi said. “Whoever moves fast in this will get the first mover’s advantage… we are rolling out the red carpet for them.”

Modi added that India’s demographics and democracy could double or triple some companies’ business, according to Indian Express Limited.

Modi also applauded recent initiatives adopted by the country, including the National Quantum Mission and the creation of semiconductor courses at 300 colleges, which are aimed at producing 100,000 design engineers over the next five years.

“A few years ago, India was an emerging player in the electronics sector. Today our share has increased multiple times… In 2014, electronics production in India was less than $30 billion, and today it is over $100 billion,” Modi said.