India’s electronics market, currently worth $115bn, could balloon in value if Prime Minister Narendra Modi reaches his goal of creating a $500bn sector by 2030. At Semicon India 2024, a semiconductor summit, Modi outlined his plans to make the country a major player in the global chip industry.
He said he wants to create a workforce of 85,000 professionals including technicians, research and development experts, and engineers who will be ready to lead the country’s growing semiconductor industry.
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The government has so far approved $15bn worth of semiconductor investments.
These include Tata Group’s proposal to build India’s first major chip plant and American memory maker Micron Technology’s plan to build a $2.57bn assembly facility in Gujarat. Israel’s Tower Semiconductor is also looking to partner with billionaire Gautam Adani to build a $10bn fabrication plant in the west of the country.
Modi insisted: “This is the right time to be in India […] In the India of the 21st century the chips are never down.”
As Western nations ramp up investment in domestic chipmaking and take China out of their supply chains, India may be getting ready to take up the slack.
