India's semiconductor imports reached approximately ₹1.71 lakh crore (about USD 20.7 billion) in the fiscal year 2023-24, reflecting a significant reliance on foreign suppliers to meet the country's growing demand for electronic components. This figure encompasses a wide range of products, including semiconductor chips, integrated circuits, memory chips, parts of electronic integrated circuits, micro assemblies, and amplifiers.

The increase in semiconductor imports is part of a broader trend, with India’s imports doubling over the past three years. For instance, imports rose from ₹67,497 crore in FY 2020-21 to over ₹1 lakh crore in FY 2021-22 and nearly ₹1.3 lakh crore in FY 2022-23.
  
In light of this heavy import dependency, the Indian government is actively pursuing initiatives to bolster domestic semiconductor manufacturing. The SEMICON India Program has been allocated ₹76,000 crore to develop local production capabilities. Recently, five semiconductor manufacturing and assembly projects were approved with a total investment of ₹1.52 lakh crore.

India is also forming international partnerships to enhance its semiconductor ecosystem. Agreements with countries like Singapore and the United States aim to establish joint fabrication plants and improve technology transfer.

The government's long-term goal is to achieve self-reliance in semiconductor production by supporting domestic firms and attracting foreign investments. This includes initiatives for establishing semiconductor fabrication plants (FABS) and assembly/testing facilities across various states in India.

India's substantial semiconductor imports underscore the urgent need for domestic manufacturing capabilities, which the government is actively working to develop through financial incentives and international collaborations.