India’s semiconductor push: Why the $12 bn supply chain gap threatens 2030 chip ambitions

India’s semiconductor market is set to nearly triple to $110-120 billion by 2030, and the country wants a 25% slice of global chip demand by 2032. But getting there needs more than fabs (fabrication plants), according to a report by JM Financial. The brokerage’s assessment, following Semicon India 2026, said the real test lies in building a local supply chain and a wider manufacturing ecosystem around the fabs already being approved.