According to research by the Union Bank of India, India’s semiconductor market will grow from $34.3 billion in 2023 to $100.2 billion by 2032, marking a 20 per cent compound annual growth rate (CAGR). This surge will be driven by demand across telecom, industrial, mobile, IT, consumer electronics, and emerging technologies such as 5G, artificial intelligence (AI), and electric vehicles.
On the global front, the semiconductor industry is expected to reach $1 trillion by 2030, growing at a CAGR of nearly 10 per cent between 2023 and 2030. The Asia-Pacific region, including India, contributes around 60 per cent of global semiconductor output, underlining its strategic importance in the supply chain.
India’s $10 billion incentive programme under the National Semiconductor Mission is a cornerstone for developing fabrication, design, and packaging capacity. A key element is workforce development, with a target to train 85,000 semiconductor engineers by 2030.
Together, these policy efforts aim to strengthen India’s role in the global supply chain and advance its ambition of becoming self-reliant in chip manufacturing.
