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India sets $500 billion target for electronics sector by 2030
At Semicon India 2024 summit, Modi says this is the right time to be in India, adds that 'in the India of the 21st century, the chips are never down'
India has set an ambitious target of growing its electronics sector to $500 billion by the end of the decade from about $155 billion currently, Prime Minister Narendra Modi said on Wednesday.
Modi was addressing the SEMICON India 2024, a three-day global conference on semiconductors, that kicked off on Wednesday.
The summit, which brings together global leaders, companies and experts from the semiconductor industry, showcases India’s semiconductor strategy and policy which envisions making the country a global hub for semiconductors, according to a government statement.
More than 250 exhibitors and 150 speakers are expected at the conference.
The government, which is going all out to woo semiconductor makers by dangling incentives, has okayed more than $15 billion worth of semiconductor investments.
The proposals include Tata Electronics setting up a semiconductor fab in partnership with Taiwan’s Powerchip Semiconductor Manufacturing Corp. at Dholera in Gujarat with an investment of about $11 billion.
Tata Semiconductor Assembly and Test Pvt. Ltd (TSAT) will set up another semiconductor unit in Morigaon of Assam with an investment of about $3.2 billion.
A third semiconductor fabrication unit will be built at Sanand in Gujarat by CG Power, in partnership with Renesas Electronics Corp. of Japan and Stars Microelectronics of Thailand at about $1 billion.
Israel’s Tower Semiconductor Ltd is exploring a $10 billion tie-up with the Adani group to set up a fabrication plant in Gujarat and a formal proposal is yet to be submitted with the government.
“This is the right time to be in India,” Modi said at the summit. “In the India of the 21st century, the chips are never down.”
India is also aligning with global chip leaders like Singapore and the US to establish itself as a semiconductor hub.
Following Singapore’s tie-up with India during Prime Minister Narendra Modi’s recent visit, Washington announced a partnership with Delhi on Tuesday to explore supply chain opportunities.
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