India’s chip imports surge 9x to $20.6B

India’s semiconductor imports hit $20.6B in FY24, up from just $2.4B in FY20—a nearly 9x surge.

The jump mirrors India’s booming electronics and auto manufacturing, from EVs to smartphones. As factories scale up under Make in India, chips have become one of the country’s top import items. But it’s also a wake-up call: domestic chip production still lags far behind demand.

Bridging that gap is now a national priority.