Greater Noida, Sep 11 (IANS): With artificial intelligence (AI) fuelling global semiconductor demand, around 150 new fabrication units will be required to meet the industry’s ambitious $1 trillion target by 2030 and India will need to achieve exponential growth to maximise its share, industry leaders said on Wednesday.

Speaking at the ‘Semicon India 2024’ event here inaugurated by Prime Minister Narendra Modi in the presence of key industry stakeholders, Ajit Manocha, President and CEO, SEMI, said that the country is on the path to becoming the next semiconductor powerhouse in Asia, and the stars are now aligned to create an ecosystem that enables growth for India and the world.

“With AI fuelling global semiconductor demand, around 150 new fabs will be required to meet the industry’s ambitious $1 trillion target by 2030. India will need to achieve exponential growth to maximize its share, and SEMICON India will help to catalyse this market,” Manocha said.

Organized by SEMI in partnership with Messe Munchen India, MeitY, India Semiconductor Mission (ISM) and Digital India, the event underscores India’s emergence as a global semiconductor powerhouse.

As part of its ongoing efforts to accelerate India's semiconductor growth, SEMI has officially launched its workforce development programme in India with a recent workshop on semiconductor manufacturing in partnership with ESSCI at IIT Delhi.

The programme emphasises collaboration with educational institutions to create specialized curricula for semiconductor design roles and co-develop skill development initiatives.

India is projected to face a workforce shortage of 250,000 to 300,000 professionals by 2027.

“Upskilling India's raw talent to meet this demand is crucial, and global players have a vital role in this effort,” Manocha said.

Five semiconductor manufacturing facilities are coming up with a total investment of over Rs 1.52 lakh crore in India.

“With a very strong talent pipeline and strong resolve of the government to support the development of the semiconductor industry in India, I am sure we will be successful in becoming a trusted partner in the global value chain of semiconductors in the coming years,” said Akash Tripathi, CEO of the India Semiconductor Mission (ISM).