India’s semiconductor market to surpass $100 billion by 2030, says Union Minister of State for IT
By MYBRANDBOOK
Union Minister of State for Information Technology Jitin Prasada in Parliament said that the Indian semiconductor market is projected to surpass $100 billion in valuation by 2030. The market includes a robust chip design and engineering sector.
Initiatives that will help the domestic semiconductor market reach the milestone included production-linked incentive (PLI) schemes for setting up chip fabs (fabrication plants), display fabs, chip testing and packaging plants, a design-linked incentive (DLI) scheme to further boost local chip design, and finally, promotion of local component manufacturing and domestic manufacturing of “large scale electronics," he added.
Moreover, the Semi-Conductor Laboratory in Mohali owned by Centre is undergoing modernization and this may add to this milestone
The Minister said that the semiconductor market will grow to $109 billion by 2030 from a market value of $38 billion in calendar year 2023, suggesting a 16% compounded annual growth rate of the industry. The important part of these plans will be the upcoming semiconductor fab. It is being set up by Tata Electronics in partnership with Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) in Dholera, Gujarat. It is expected to be ready for operations by 2027 and will produce 3 billion chips annually following a net investment quantum of $10.9 billion, including Centre- and state-backed incentives.
The chip fab is expected to produce chips ranging across 28nm, 50nm, 55nm and 90nm die sizes—all of which are expected to become applicable in industrial use cases such as railways, electric vehicles, white goods and more.
Further the value is added by assembly, testing, marking and packaging (ATMP) and outsourced semiconductor assembly and test (OSAT) facilities. In 2022, US-based Micron announced an ATMP facility with a total investment of $2.75 billion, becoming the first beneficiary of the Centre’s PLI initiative.
Already, India has a robust chip design industry as well. Chip design will also be a key contributor to the $100 billion industry valuation that Prasada projected for semiconductors in India. Industry estimates peg India to account for nearly one-fifth of all chip design operations owing to the availability of domestic engineering talent—a factor that has spurred many leading companies to ramp up operations here.
Going forward, the Centre is expected to further introduce a components incentive scheme that will boost domestic value addition further. A senior government official with direct knowledge of the matter said that the scheme is currently in the works, and will involve semiconductor components as a key part of improving India's value chain in the global manufacturing ecosystem.
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