India Declares To Invest Another $30 Billion In SemiConductor
India Announces $30 Billion Semiconductor Investment. The market for SC in India would grow to $110 billion by 2030. By then, it’ll be 10% of worldwide demand.
Indian diplomat Gourangalal Das, the director-general of the India-Taipei Association, recently said that India will invest an additional $30 billion to strengthen its IT infrastructure and expand its semiconductor supply chain.
This action will be done in order to prevent foreign suppliers from controlling the market and to boost domestic manufacturing of semiconductors, communication devices, screens, connectivity, electronics and battery banks, and premium chemicals.
The pandemic has hampered the global supply chain for semiconductors, thus the Indian government launched the much awaited incentive program under PLI in December 2021 that included $10 billion in funding.
As a result, the Indian government chose to boost investment-backed local production and manufacturing.
Raj Kumar, the founder and group CEO of IGSS Ventures, had stated that a $10 billion investment would not be sufficient to make India competitive on the global market for manufacturing and production.
In the interview, Das stated, “Demand for semiconductors is increasing. Chip demand is growing in India at a rate that is about twice as fast as the rest of the globe. India’s semiconductor consumption will amount to $110 billion by 2030.
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Therefore, it will have satisfied more than 10% of the world’s demand by then. In contrast to the US and the European Union, which are now dominating the globe in terms of advanced SoC manufacture, India wants to introduce more cutting-edge, complex processors.
Although India has a sizable domestic market, the nation also has access to highly qualified engineers who can assist in foreign investment and revive the domestic electronics industry.
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Das continued by saying that India is looking to improve both its LCD and higher-end OLED screens, which are more used in expensive and foldable devices.
Two semiconductor factories and two display units will cost a total of $10 billion. The electronics sector, which employs titans of industry like Foxconn and sibling iPhone manufacturer Pegatron, will get over $7 billion.
Manufacturing telecoms, networking, solar photovoltaic, advanced chemistry, and battery cells will be funded with the remaining $13 billion.