Nowhere else in the world has this happened in recent times, he said at the inauguration of the MicronTechnology Incs Global Development Centre.
He claimed that every Indian today has a biometric ID card, mobile phone and bank account.
"The mobile data of India today is more than the mobile data of the US and China put together.
And it is happening because the cost of the data in India today is one-tenth of the cost of the United Kingdom and one-twentieth (1/20) of the United States of America," he said, indicating that companies such as Micron Technology has a lot of potential to grow.
He said the semiconductor industry is backbone to emerging technologies such as Artificial Intelligence, Machine Learning and Internet of Things and India is pioneering in the sector presenting growth opportunities.
According to him, India's corporate tax rate, which was slashed recently, is the best rate compared to any country in the world including the US.
About digital payments, he said about 600 schemes of the government use direct benefit transfer system to make payments to the beneficiaries.
Located in the heart of Hyderabads IT corridor and spanning 350,000 square feet, Microns office includes six purpose-built design and verification labs.
The company aims to fill a wide range of roles in Hyderabad, including those in engineering, science, research and information technology.
Micron expects to hire approximately 2,000 employees in India within the next few years, a company press release said.