India's semiconductor market is expected to expand from $52 billion (?4.5 lakh crore) in 2024 to $103.4 billion (?9 lakh crore) by 2030, as per a report from the India Electronics and Semiconductor Association (IESA). This expansion will be fueled by essential sectors including handsets, IT, telecommunications, consumer electronics, automotive, aerospace, and defense. Mobile devices, IT, and industrial uses together represent almost 70% of the semiconductor sector's earnings and are projected to continue being the main growth catalysts.

"India's semiconductor consumption market is projected to reach $52 billion in 2024-25 and is anticipated to expand at a strong CAGR of 13% until 2030." "Industries such as automotive and industrial electronics offer substantial value-enhancement prospects," stated V Veerappan, the chairman of IESA.

The report highlights the necessity for cutting-edge research and development (R&D) aimed at high-priority items like smartphones, hearables, consumer electronics, and routers.

“The government’s focused incentives for fabs and OSATs, heightened R&D investments, and cooperative industry efforts are crucial for advancing India’s semiconductor sector, with a substantial investment pledge of over $21 billion from IESA member companies in the past year,” stated Ashok Chandak, president of IESA.

The report emphasizes essential suggestions for realizing India's semiconductor goals. This encompasses the continuation of the semiconductor incentive program past the initial $10 billion investment and the design-linked incentive scheme with certain adjustments.