India’s semiconductor industry is growing faster than earlier expectations, with SEMI President and CEO Ajit Manocha now projecting that the sector could reach around $2 trillion by 2030. Manocha said he had earlier expected the semiconductor industry to reach the $1 trillion mark by 2030. He now believes that estimate was too conservative.
According to Manocha, the industry had already crossed $1 trillion last year. He has therefore doubled his earlier 2030 projection, pointing to the pace at which the semiconductor ecosystem is expanding.
India’s semiconductor industry enters a new phase
Semiconductors have become an important part of India’s technology and manufacturing ambitions. Investment is growing across areas including chip fabrication, assembly, testing and packaging, along with the wider supply chain needed to support the industry.
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The sector is also benefiting from rising demand for chips across several industries. Automobiles, smartphones, consumer electronics, artificial intelligence, data centres and industrial technology all depend on semiconductors. This growing demand is pushing the semiconductor industry into a much larger role in India’s technology landscape.
From a $1 trillion target to $2 trillion
Manocha’s revised outlook marks a significant change from his earlier forecast. His previous projection was that the semiconductor industry would reach $1 trillion by 2030. With that milestone already crossed last year, his latest estimate places the sector at roughly $2 trillion by 2030.
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The change in forecast reflects how quickly the global semiconductor market and its supporting ecosystem are expanding. For India, the development comes at a time when the country is seeking to build a stronger presence across the global semiconductor supply chain. The focus is not limited to chip manufacturing. Packaging, testing, assembly and related industries are also becoming part of the broader ecosystem.
Why semiconductors matter to India’s technology ambitions
Chips sit at the centre of many of the technologies driving today’s digital economy. From smartphones and vehicles to AI systems and data centres, demand for semiconductor components continues to span multiple industries.
That makes the development of a domestic semiconductor ecosystem important for India’s wider technology and manufacturing goals. As investments expand and more parts of the supply chain develop, the industry could play a larger role in shaping India’s position in the global chip market.
What does the $2 trillion projection mean?
The revised projection points to the speed at which the semiconductor industry is changing. A forecast that once placed the $1 trillion milestone at the end of the decade has already been overtaken, according to Manocha.
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His new $2 trillion estimate suggests that the semiconductor sector could become an even larger part of the global technology economy by 2030. For India, the bigger question is how much of that growth can translate into a stronger domestic semiconductor ecosystem and a larger role in the global chip supply chain.
Indrani Priyadarshini is a journalist and editorial professional specialising in technology, artificial intelligence, smart cities, green energy, and digital transformation. With over four years of experience in tech journalism and digital media, she is known for turning complex industry developments into clear, engaging, and insightful stories. Her expertise spans reporting, editorial strategy, digital publishing workflows, and in-depth coverage of emerging technologies shaping the future.
