India eyes $500b electronics sector by ’30 – Modi

Prime Minister Narendra Modi set an ambitious goal for India’s electronics sector, aiming to expand it to $500 billion by 2030.

Speaking at a chip conference near New Delhi, Modi highlighted India’s strengths in semiconductors and other technologies. Currently, the country’s electronics market is valued at around $155 billion.

India is actively attracting semiconductor manufacturers, with over $15 billion in investments approved so far. Notable projects include Tata Group’s plan to build the first major chip plant in India and Micron Technology Inc.’s proposed $2.75 billion assembly facility in Gujarat. Additionally, Israel’s Tower Semiconductor Ltd. is exploring a $10 billion partnership with Gautam Adani for a fabrication plant in western India.

Modi emphasised the strategic timing for investment in India, stating, “In the India of the 21st century, the chips are never down.” The importance of semiconductors has grown amid geopolitical tensions, with countries like the US, Germany, Japan, and Singapore also investing heavily in domestic chip production to secure supply chains for technologies ranging from AI to electric vehicles.

At the same event, industry leaders outlined their plans for growth in India. NXP Semiconductors NV’s CEO, Kurt Sievers, announced that the Dutch company will invest over $1 billion in India to expand its research and development efforts in the coming years.

Attribution: Bloomberg