Semi conductor
India's semiconductor market expected to touch USD 100.2 billion in 2032: Report
A report released by an Indian bank has shown India's semiconductor market, valued at USD 34.3 billion in 2023, is expected to triple to USD 100.2 billion by 2032.
The global semiconductor industry is on track for strong expansion, with its market size projected to touch USD 1 trillion by 2030, growing at a compound annual growth rate of nearly 10 per cent between 2023 and 2030, ANI news agency reported quoting the Union Bank of India Research report.
Indian PM Narendra Modi on Friday revealed India's major tech ambition when he announced the country's first 'Made-in-India' semiconductor chips will be launched by the end of 2025.
"Different semiconductor units are being set up on the ground. We have already given the green signal to four new units," Modi said in his Independence Day speech from Red Fort where he unfurled the tricolour to join the nation in the celebration.
Modi further said: "I would like to tell the citizens and the youth that by the end of this year, Made in India semiconductor chips will be available in the market."
The Union Cabinet on August 12 approved four more semiconductor projects under India Semiconductor Mission (ISM), giving a boost to the country's 'Make in India' campaign.
"Momentum is building up in semiconductor ecosystem in India with the six approved projects already in various stages of execution," read a government statement.
The four proposals approved today are from SiCSem, Continental Device India Private Limited (CDIL), 3D Glass Solutions Inc., and Advanced System in Package (ASIP) Technologies.
These four approved proposals will setup semiconductor manufacturing facilities with cumulative investment of around Rs.4,600 crore and are expected to generate a cumulative employment for 2034 skilled professionals which would catalyse the electronic manufacturing ecosystem resulting in creation of many indirect jobs.
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