PM Modi sets ambitious USD 500 billion electronic industry size by 2030 against USD 150 billion now

Greater Noida (Uttar Pradesh) [India], September 11 (ANI): Prime Minister Narendra Modi has set an ambitious USD 500 billion target for the country's electronics sector. At present, the electronics manufacturing sector is estimated to be about USD 150 billion, growing at a rapid pace over the past decade.
"Look at how far we have come. Today, India's electronics sector is worth more than USD 150 billion. And now our target is even bigger. 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," PM Modi said on Wednesday, addressing the inaugural session of three-day 'Semicon India 2024' event in Greater Noida.
"Our goal is that 100 per cent of electronic manufacturing should happen in India. India will make semiconductor chips and the finished product too," PM Modi added.
The three-day conference will showcase India's semiconductor strategy and policy which envisions making India a global hub for semiconductors.
PM Modi explained that while industries invest and create value, the government on the other hand provides stable policies and Ease of Doing Business. Informing that India's contribution to the world of designing is 20 percent and is growing continuously, PM Modi said that India is creating a semiconductor workforce of 85,000 technicians, engineers and R&D experts.
"India is focused on making its students and professionals industry ready", the Prime Minister remarked, recalling the first meeting of the Anusandhan National Research Foundation which aims to give new direction and energy to India's research ecosystem. He also mentioned a special research fund of Rs 1 trillion.
Prime Minister Modi emphasized, "India's semiconductor ecosystem is a solution not just for India's challenges but also for global challenges."
The government has so far approved five semiconductor units in India, of which construction in two sites is on, and soon the work in the rest three will start.
In June 2023, the Union Cabinet approved a proposal for setting up a semiconductor unit in Sanand, Gujarat. In February 2024, three more semiconductor units were approved - two in Gujarat and one in Assam. Earlier this month, the government approved the proposal of Kaynes Semicon Pvt Ltd to set up a semiconductor unit in Sanand, Gujarat. They have already made a cumulative investment of almost Rs 1.5 lakh crore.
American chip maker Micron's high-end semiconductor fabrication plant at Gujarat's Sanand, which is India's first, is coming up at a rapid pace. It is expected to be operational in late 2024.
"There are many proposals under evaluation. After evaluation, we will take them to cabinet for approvals," Union Minister Ashwini Vaishnaw told reporters today.
The Minister also announced that the central government will soon unveil the Semicon 2.0 program, having a much expanded scope than the previous program.
The minister further announced that the upgrade plan for the semiconductor lab in Mohali is ready and it will be taken up in the Cabinet soon
"Semicon 2.0 may be unveiled in three to four months. The second phase will focus on the complete value chain," the Union minister said.
The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India (or Semicon 1.0) was notified on December 21, 2021, with a total outlay of Rs 76,000 crore. (ANI)