Chips are like oil, Semiconductors are playing a key role in the advancement of emerging technologies like AI, Internet of Things (IoT), autonomous vehicles, 5G, robotics and many more new age technologies. PM Modi said India has undertaken wide-ranging reforms to improve the ease of doing business. He said the country has an exceptional semiconductor design talent pool, comprising up to 20% of the world’s chip design engineers. Its own consumption of semiconductors is expected to cross $80 billion by 2026 and $110 billion in 2030. India is going to provide support for companies looking to invest in semiconductor manufacturing. Prime Minister Narendra Modi said as the South Asian nations set its sights on becoming a key player in the global supply chain for chips. Even as more firms and countries seek to ensure access to the chips at the core of critical technologies such as 5G and others of the future, the bulk of the world’s chip output is limited to places such as Taiwan and the United States. The Indian semiconductor market, worth $15 billion in 2020, is estimated to reach $63 billion by 2026, the government says. A $10-billion plan to attract semiconductor and display makers has drawn applications from companies such as a joint venture between Indian conglomerate Vedanta and Taiwan’s Foxconn, and Singapore’s IGSS Ventures. As part of the government’s efforts to attract big-ticket investments, the three-day meeting has drawn executives of tech giants Intel, TSMC, and Micron Technology Inc. In the race to become India’s first chip maker, Vedanta is seeking incentives such as 1,000 acres (405 hectares) of free land, as part of its $20-billion foray into semiconductors and displays.

Recently, there was an announcement from ISMC for an investment of Rs. 22,900 crores ($3 billion) in a 65nm Analog Semiconductor Fabrication plant in Karnataka. The ISMC has requested 150 acres of land in Mysuru’s Kochanahalli Industrial area. This will be one of India’s first .