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 and create six million jobs 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
"Our goal is that 100% of electronic manufacturing should happen in India. India will make semiconductor chips and the finished product too," said Modi at the event. "This is the right time to be in India. You are at the right place at the right time. In 21st-century India, the chips are never down...When the chips are down, you can bet on India." "Our dream is that every device in the world will have an Indian-made chip," he noted.
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. 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.
