Akshata Sharma
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India aims to become a chip-making superpower - propelled by robust government support and a burgeoning startup ecosystem. Here's why India is poised to become the next big chip-maker.
As report, "The Rise Of India's Semiconductor Startups Report 2024" estimates that India's semiconductor market will reach $150 Bn by 2030, up from $33 Bn in 2023, witnessing an impressive CAGR of 24%.
The ecosystem has seen the rise of 100+ startups across the stages and in critical domains, including Al semiconductors, industrial automation, consumer electronics, automotive, telecom and wireless communication.
A Q4 CY23 report by Zinnov-NASSCOM estimates 50K+ specialised workforce catering to more than 55 semiconductor GCCs (global capability centres) across the country, underlining there is no dearth of engineering talent in India.
Latest report also projects that the global Al semiconductor market will reach $190 Bn by 2030, with India poised to account for $21 Bn. This growth is attributed to the country's ambitious smart city projects, infrastructural development and the increasing popularity of Al-powered consumer devices like smart home appliances and gadgets.
Given these developments, there will be opportunities galore for startups in the semiconductor space, whether they ensure a steady supply of bespoke ingredients to fab and fabless units, double down on intricate designs or do the final magic and make the chips.
Meanwhile, India must overcome a few practical difficulties (meet the expenses, for starters, and access the latest know-how) and gear up for global competition to ensure that these Make-In-India deeptech projects will finally take off.
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