PM Modi sets $500B target for electronics sector by 2030
Prime Minister Narendra Modi has outlined an ambitious plan to boost India's electronics sector to a staggering $500 billion by the end of this decade. The announcement was made during his address at the SEMICON India 2024 inauguration in Greater Noida. He highlighted India's proficiency in areas such as semiconductors, a field that is currently experiencing significant global demand and supply chain disruptions.
India's current electronics market and future prospects
India's electronics market is presently estimated to be worth around $155 billion. The country is actively seeking partnerships with semiconductor manufacturers to fuel its growth in this sector. So far, the Indian government has approved over $15 billion in semiconductor investments. These include Tata Group's initiative to construct the nation's first major chip plant and US-based Micron Technology Inc.'s proposed $2.75 billion assembly facility in Gujarat.
Potential partnerships and investments in India's electronics sector
In addition to existing commitments, Israel's Tower Semiconductor Ltd. is considering a $10 billion collaboration with billionaire Gautam Adani to set up a fabrication plant in western India. However, an official proposal has not yet been presented to the Indian government. "This is the right time to be in India," Modi said during his address at SEMICON India 2024, emphasizing the country's potential as a hub for semiconductor production.
Dutch chipmaker NXP to invest over $1 billion in India
At the same event, Kurt Sievers, CEO of NXP Semiconductors NV, announced that the Dutch chipmaker plans to invest over $1 billion in India in the coming years. This investment is aimed at enhancing its research and development efforts. The move by NXP Semiconductors further underscores India's growing prominence as a destination for global semiconductor companies looking to expand their operations.