Report forecasts India’s semiconductor demand to more than double by 2030, driven by $18bn projects

UPDATE - follow-up to India's semiconductor ecosystem likely to see gradual value creation over next 3-5 years: Report: India's semiconductor market is projected to grow from roughly $56 billion in 2025 to over $117 billion by 2030, a compound annual growth rate of about 16%. The forecast comes from a research note by 360 ONE Capital, which says twelve projects approved under the India Semiconductor Mission already total more than $18 billion in investment, while the wider ISM 2.0 ecosystem could attract an additional $35 billion. In the near term, earnings chances are expected in construction, utilities, electronics manufacturing, component makers, engineering, automation and equipment support, before direct fab and OSAT economics become clearer. The report stresses that capacity is being built ahead of proven demand, making execution—customer qualification, competitive yields and high utilisation—more critical than announcements. It also notes the semiconductor opportunity should be viewed over a 10‑15‑year horizon rather than an immediate earnings cycle. Early value capture is likely among enablers such as cleanrooms, utilities, gases, chemicals, testing and engineering services. The next phase will test whether announced capacity can translate into commercially viable output, with the key question shifting to achieving competitive yields, qualifying with global customers and scaling operations. Milestones to watch include construction and equipment installation, process qualification, yield improvement, customer qualification, volume ramp‑up, local supplier content and product mix.