India woos chipmakers with $500bn market by 2030, new incentives soon

New Delhi: Prime Minister Narendra Modi outlined India’s ambitious semiconductor roadmap at the inaugural Semicon India event, projecting a $500 billion domestic electronics market by 2030. He invited global chipmakers to view India as a reliable and strategic destination for semiconductor manufacturing.

Emphasising workforce readiness, the Prime Minister stated that India is training over 85,000 technicians, engineers, and research scientists over a 10-year period. The government is also partnering with IITs, setting up advanced research facilities, and backing innovation through a ₹1 trillion deep-tech research fund.

India’s current electronics market, valued at $150 billion, is expected to expand rapidly this decade. To support this growth, the Centre is preparing a revamped incentives package, estimated at up to $15 billion, in addition to the existing semiconductor PLI scheme.

Industry leaders echoed confidence in India’s semiconductor push. Tata Electronics, which is setting up an $11 billion chip fabrication plant in Dholera, Gujarat , announced plans to create 50,000 direct jobs, with significant multiplier effects across the ecosystem.

Global firms such as Renesas and NXP Semiconductors also confirmed expansion plans in India, reinforcing the country’s growing role in the global semiconductor supply chain.