In a significant push to India's semiconductor ambitions, Lam Research, a US-based semiconductor services company, has announced a major investment of over Rs 10,000 crore in India. Union Minister Ashwini Vaishnaw revealed the development in an X post. He said on Tuesday that this move is a big vote of confidence in Prime Minister Narendra Modi's semiconductor vision.
"One more milestone in our semiconductor journey: Lam Research announces major investment of over Rs 10,000 crore in India. Big vote of confidence in PM Modi's semiconductor vision," he posted on X.
Lam Research to expand global supply chain by including India
The investment announced is a part of Lam Research's plans to expand its global chip fabrication equipment supply chain to include India. The company has already signed an MoU with the Karnataka government to lease and eventually purchase a land parcel at Whitefield in Bengaluru.
India's semiconductor push
To push semiconductor fabrication in India, the Indian Semiconductor Mission (ISM) has approved five projects with a total outlay of Rs 76,000 crore. The semiconductor market in India is projected to grow to USD 103.4 billion by 2030, powering the over USD 400 billion electronics market.
The government's targeted incentives for fabrication facilities and outsourced semiconductor assembly and testing increased R&D investments, and collaborative industry initiatives are key to propelling India's semiconductor sector forward.
For India's semiconductor dream, the development is a significant milestone, which aims to build a sustainable semiconductor and display ecosystem in the country. In line with that, Lam Research's plans to advance India's semiconductor workforce through virtual nano fabrication environments and training programs will help address the talent shortage in the industry.
(With PTI Inputs)