India Set to Emerge as Global Semiconductor Hub: Minister Vaishnaw
India is set to become a global semiconductor powerhouse, driven by major investments and government initiatives, Union Minister for Electronics and IT Ashwini Vaishnaw announced. Highlighting the country’s rapid progress in the sector, Vaishnaw cited growing international enthusiasm, particularly after a roundtable in New York between Prime Minister Narendra Modi and top technology CEOs. Several executives noted that India's momentum in the semiconductor industry is unprecedented, with some saying they had not seen such excitement in over 35 years.
The Indian government has approved five semiconductor manufacturing proposals, representing a total investment of nearly Rs 1.52 lakh crore. Among the key developments is Micron Technology, which is expected to roll out the first made-in-India chips by early 2025. Additionally, construction is advancing at CG Power's semiconductor facility and Tata's ATMP (Assembly, Testing, Marking, and Packaging) facility in Assam, marking significant strides in India's semiconductor ecosystem.
Vaishnaw emphasized the critical role of semiconductors, powering devices ranging from smartphones to medical instruments and automobiles. He reiterated that India's growing semiconductor industry aligns with Prime Minister Modi's vision of leveraging advanced technology for the benefit of common citizens.
Industry experts predict that India's semiconductor-related market will triple to USD 64 billion by 2026, reflecting the country’s expanding role in the global market. With initiatives like the India Semiconductor Mission, Vaishnaw assured that the government is committed to fostering innovation, generating employment, and driving economic growth as India captures a larger share of the global semiconductor market.