India has great potential for attracting investments and manufacturing under the various programmes introduced by Prime Minister Narendra Modi as companies try to diversify their global footprints, according to hi-tech CEOs who met him.

“Because of the necessity to diversify and build a very resilient supply chain for semiconductors, we believe India could be an important destination for manufacturing,” Qualcomm CEO Cristiano Amon told reporters in Washington after his meeting with Prime Minister Modi on September 23. He was the first of the CEOs to meet Mr Modi.

Prime Minister Modi’s “approach to drive economic growth in making India a destination for investment for investment has been very successful”, said the CEO of the $150 billion company that is a leader in the manufacture of chips used in everything from cameras to aircraft and a pioneer in 5G technology.

The high level of optimism for India comes as the US and several other countries rethink their supply chains and their manufacturing bases, while also keeping an eye on China, which is set on trying to get a stranglehold on future technologies with strategic goals.