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India's Semiconductor Sector Set for Growth: Two Multi-Billion Dollar Plants Planned, Confirms Rajeev Chandrasekhar

  • Posted on February 19, 2024
  • Business
  • By Top Stories

India's technology sector receives a significant boost as Minister Chandrasekhar announces the establishment of two multi-billion dollar semiconductor fabrication plants. Backed by major investments, these initiatives signal India's commitment to self-reliance in semiconductor production, aligning with its broader vision for technological advancement.

India's Semiconductor Sector Set for Growth: Two Multi-Billion Dollar Plants Planned, Confirms Rajeev Chandrasekhar Image Source

In a significant development for India's technology sector, Minister of Electronics and IT Rajeev Chandrasekhar announced the establishment of two colossal semiconductor fabrication plants in the country. These plants, backed by multi-billion dollar investments, mark a pivotal moment in India's journey towards self-reliance in semiconductor production.

Chandrasekhar disclosed that one of the ventures entails an $8 billion proposal from Tower Semiconductors, an Israel-based firm, while the other stems from the esteemed Tata Group. These initiatives align with India's broader strategy to bolster its semiconductor capabilities and reduce dependency on imports.

Highlighting the importance of these forthcoming fabs, Chandrasekhar emphasized their utilization of cutting-edge technologies, including 65, 40, and 28-nanometer processes. Additionally, various packaging proposals are under evaluation, showcasing a comprehensive approach to semiconductor manufacturing.

The minister underscored the urgency of expediting approval processes, hinting that these projects might receive the green light during the third term of Prime Minister Narendra Modi's leadership. However, clearance before the upcoming general elections remains a possibility, indicating the government's commitment to fostering technological advancement.

India has already received four proposals for semiconductor fabrication plants and thirteen for chip assembly and packaging units. This announcement adds to the momentum created by the establishment of a chip assembly plant by Micron, a US-based company, in Gujarat, further solidifying India's position in the global semiconductor landscape.

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Reflecting on India's semiconductor journey, Chandrasekhar lauded the progress made since the inception of the semiconductor program in 2020. From advancements in semiconductor design to fostering startups and talent development, India has made significant strides in the sector.

Government data forecasts substantial growth in domestic electronics manufacturing, reaching Rs 23,95,195 crore by 2026. Chandrasekhar advocated for reducing import duties on electronic components to spur export-led manufacturing, echoing the philosophy of industry luminary Andrew Grove.

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India's emergence as a key player in the global electronics supply chain is evident, with a gradual shift away from traditional hubs like China. Chandrasekhar highlighted India's pivotal role in this transition and expressed confidence in the country's potential to become a global leader in electronics manufacturing.

With nearly all mobile handsets now manufactured domestically, India aims to replicate this success across various electronic segments, targeting a $300 billion industry by 2026-27. Chandrasekhar's vision encompasses India's ascension as a trusted partner in global electronics value chains, spanning smartphones, IT hardware, laptops, servers, and beyond.

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