India's Semiconductor Surge: A USD 300 Billion Opportunity by 2035

India's semiconductor market is set to expand significantly, reaching USD 300 billion by 2035, driven by AI and automotive growth. The country aims to meet 60% of its semiconductor demand locally by 2035 and attract significant investments, which will fuel job creation and necessitate substantial workforce training.

India's semiconductor market is on the cusp of a massive transformation, with projections indicating a surge to USD 300 billion by 2035. This growth is largely driven by the booming adoption of artificial intelligence (AI), automotive advancements, and the expansion of data centers, according to a Deloitte report.

As of now, India imports over 90% of its semiconductor needs. However, by 2035, it's poised for a seismic shift with local production anticipated to fulfill more than 60% of domestic demand. Deloitte's report emphasizes the role of the India Semiconductor Mission (ISM) and substantial state incentives that back this progress.

The burgeoning market is forecast to create roughly 2 million jobs by 2035, with significant investments in manufacturing and design services. Yet, to sustain this momentum, the report underscores the necessity for robust policy frameworks, improved coordination between central and state governments, and enhanced training facilities.

(With inputs from agencies.)