India plans to invest 30 billion dollars in the IT industry and the semiconductor supply chain, claims a report

In an Interview with Nikkei Asia, a top Indian official said that India will spend 30 billion dollars to rebuild its IT industry and set up a semiconductor supply chain to ensure that it is not "held prisoner"by foreign providers.

The investment initiative is intended to boost local production of semiconductors, displays, advanced chemicals, networking and telecom equipment, as well as batteries and electronics, as informed by Gopurangalal Das, Director General of the India-Taipei Association, the South Asian country's de-facto embassy in Taipei.

Other than a strong domestic market, India, in Das' words, has a large pool of engineers who can help the country attract international investors and revive the local electronics industry.  India was also contemplating higher-end organic light-emitting diode (OLED) displays, which have grown popular in luxury and foldable smartphones, in addition to LCD display technology, which is extensively used in televisions.

In the paper, Das was cited in the report adding: "Demand for semiconductors is increasing," he also claimed that India's chip demand is growing at about twice the global average. Unlike the United States and the European Union, which want to import some of the most cutting-edge chip production, India wants to import more "mature" chips, according to Das. "India's semiconductor consumption will exceed 110 billion dollars by 2030. As a result, it will account for more than 10% of global GDP by that time." he added.

The major goal of India's 30 billion dollars effort, Das claims, is to create a complete supply chain ecosystem. A total of 10 billion dollars will be spent on two chip plants and two display plants. The electronics industry, that includes manufacturing giants including  Foxconn and iPhone assembler Pegatron, will receive over 7 billion dollars." Associated services like telecommunications, networking, solar photovoltaic, complex chemistry, and battery cells," Das commented referring to the remaining 13 billion dollars.