Prime Minister Narendra Modi has set a goal to grow the country's electronics sector to $500 billion by the end of the decade.
Speaking at the Semicon India 2024 inauguration in Greater Noida, Modi emphasized India’s strengths in areas like semiconductors. Currently, the nation’s electronics market is valued at approximately $155 billion.
India is actively courting semiconductor makers. The government has so far approved over $15 billion in semiconductor investments, including Tata Group's plans to build the country’s first major chip plant and US-based Micron Technology Inc.'s proposed $2.75 billion assembly facility in Gujarat.
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Additionally, Israel’s Tower Semiconductor Ltd. is exploring a $10-billion partnership with billionaire Gautam Adani to establish a fabrication plant in western India. A formal proposal is yet to be submitted with the Indian government.
“This is the right time to be in India,” Modi stated, adding, “In the 21st century India, the chips are never down.”
At the same event, NXP Semiconductors NV CEO Kurt Sievers announced that the Dutch chipmaker will invest over $1 billion in India in the coming years to expand its research and development efforts.
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