India sets $500 billion target for country's electronic industry by 2030

India has set an ambitious US$500 billion target for the country's electronics sector, which currently stands at an estimated $150 billion, Asian News International (ANI) quoted Prime Minister Narendra Modi as saying on Wednesday, WAM reports. 

"This will create about 6 million jobs for the youth of India," Modi said while addressing the inaugural session of three-day 'Semicon India 2024' event in Greater Noida.

"Our goal is that 100 per cent of electronic manufacturing [for domestic consumption] should happen in India. India will make semiconductor chips and the finished product, too," PM Modi added.

The three-day conference is showcasing India's semiconductor strategy and policy, which envisions making India a global hub for semiconductors.

The Prime Minister said India's contribution to the world of designing is 20 percent, which is growing continuously. India is creating a semiconductor workforce of 85,000 technicians, engineers and research and development (R&D) experts, he added.