India targets US$ 500 billion electronics sector, right time to be here: Prime Minister Mr. Narendra Modi

Prime Minister Mr. Narendra Modi underscored India’s potential in semiconductor chips at the Semicon India event in Greater Noida, stating that it is the "right time" to invest in the country as it targets expanding its electronics sector to US$ 500 billion by the end of the decade. "When the chips are down, you can bet on India," he said. He highlighted that India’s electronics sector, valued at over US$ 150 billion, aims to reach US$ 500 billion in production by 2030, creating 6 million jobs.

He noted that India contributes 20% to global semiconductor design and aims to increase its share while building a workforce of 85,000 in the semiconductor domain. He emphasized India’s "3D power" in the semiconductor industry, driven by a reformist government, a growing manufacturing base, and an aspirational market. Key initiatives include a US$ 11.91 billion (Rs. 1 trillion) research and development fund and a "360-degree approach" to attract investments and develop supply chains. With 50% support from the central government and additional backing from states, US$ 17.87 billion (Rs. 1.5 trillion) worth of projects have already been approved, with more in the pipeline, as part of the push to make electronics production entirely domestic.

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