PM Modi Targets USD 500 Billion for India's Electronics Sector by Decade's End

Prime Minister Narendra Modi has set a USD 500 billion target for India's burgeoning electronics sector, aiming to create 6 million jobs. Speaking at the 'Semicon India 2024' event, Modi outlined plans to make 100% electronic manufacturing domestic and highlighted upcoming semiconductor projects and policies. Semicon 2.0 program announced.

Prime Minister Narendra Modi has announced an ambitious target for India's electronics sector, aiming to reach USD 500 billion by the end of this decade. Currently estimated at USD 150 billion, this sector has seen rapid growth over the past decade. Speaking at the 'Semicon India 2024' event in Greater Noida, Modi articulated the vision, stating, 'By the end of this decade, we want to take our electronics sector to USD 500 billion. This will create about 6 million or 60 lakh jobs for the youth of India.'

Modi emphasized the goal of achieving 100% domestic electronic manufacturing, including semiconductor chips and finished products. The three-day conference aims to showcase India's comprehensive semiconductor strategy, positioning the country as a global hub in this industry. 'India is creating a semiconductor workforce of 85,000 technicians, engineers, and R&D experts,' Modi explained, underlining initiatives like the Anusandhan National Research Foundation and a special Rs 1 trillion research fund.

The government has approved five semiconductor units in India, with construction already underway at two sites. In June 2023, the Union Cabinet approved a semiconductor unit in Sanand, Gujarat, followed by three more units in February 2024—two in Gujarat and one in Assam. American chipmaker Micron's high-end plant in Gujarat's Sanand, slated to be operational by late 2024, marks a significant milestone in India's semiconductor advancements.

Union Minister Ashwini Vaishnaw disclosed today that the central government will soon introduce the Semicon 2.0 program, aimed at expanding the previous initiatives. 'Semicon 2.0 may be unveiled in three to four months, focusing on the complete value chain,' Vaishnaw noted. Additionally, the minister confirmed that plans for upgrading the semiconductor lab in Mohali are set to be reviewed by the Cabinet soon.

The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India, known as Semicon 1.0, was launched on December 21, 2021, with a total outlay of Rs 76,000 crore.

(With inputs from agencies.)