SEMI’s official unveiling of SEMICON India 2024 is a significant step towards paving India’s Path to a $1 Trillion Global Semiconductor Industry, instilling optimism in the industry’s future.
Highlighting the growth potential of India’s semiconductor ecosystem, SEMI, the international industry body has announced the first-ever Indian edition of Semicon India 2024. The apex body boosting the growth of semiconductor and ESDM ecosytem has stated that as the Indian semiconductor industry advances, it is set to play a crucial role in the global industry’s growth, projected to reach $1 trillion by 2030.
Themed ‘Shaping the Semiconductor Future’, Ajit Manocha, CEO of SEMI, has revealed that the industry has significantly grown over the past few years. The primary growth driver for this ecosystem is undoubtedly the Internet of Things (IoT), which has helped the industry grow exponentially over the years. Artificial Intelligence, coupled with the coming quantum wave, is further poised to fuel the growth of this industry.
In association with the India Semiconductor Mission (ISM), Ministry of Electronics and IT (MeitY), Digital India, and Messe München, Semicon India 2024 will bring top industry executives and stakeholders to fuel the nation’s semiconductor industry’s growth trajectory. Along with the union government, the state cabinet from Uttar Pradesh, Gujarat, Assam, Karnataka, Odisha, and Tamil Nadu will showcase their latest policies, strategies and subsidy schemes to expand the industry.
During the online seminar, Manocha exclusively told Electronics For You Business that the government has already set a target of $110 billion by 2030. The semiconductor incentive scheme of Rs 76,000 Crore and the recent budget allocation will help India get 10-20 more semiconductor plants in the coming years. How many more Fabs out of the upcoming 50 global Fabs can come into India remains a question. SEMI is working relentlessly with the union government to boost India’s current and future semiconductor industry.
Manocha further added that the climate challenges and the geopolitical scuffles, leading to a supply chain disruption, can be effectively countered through a strong public-private partnership. This reassures the audience that the industry is prepared to overcome these impediments.
With tremendous growth potential, India’s evolving chip ecosystem is expected to create 600,000 jobs by 2030. With recent investments, its evolving role in global technology and the right policies, India is witnessing a significant shift. Currently, India contributes 20 percent of the global integrated circuit (IC) design, employing 125,000 skilled professionals. Growing the potentials of semiconductor manufacturing will elevate India’s position in the global value chain.
