Kotak Mahindra Mutual Fund: $155B India chip market by 2031
India's chip market is on track to hit $155 billion by 2031, growing at a rapid 20% a year, said in a Kotak Mahindra Mutual Fund report.
The country's share in global chip use could jump from 6% in 2026 to 9% by 2031, thanks to rising demand and big investments in tech infrastructure.
India talent, low costs, import dependence
With about 300,000 chip designers, 20% of the world's total, India has serious talent.
Government programs like Chip-to-Startup and projects involving Micron, Tata, Kaynes and CG Semi are expected to strengthen India's semiconductor manufacturing and packaging ecosystem.
Plus, India can assemble chips at costs up to 30% lower than other countries.
Still, there's a catch: India depends heavily on imports for equipment and materials, which could slow down its goal of becoming truly self-reliant in semiconductors.