India is intensifying its efforts to develop a domestic semiconductor industry as the country's annual chip-related import bill is projected to reach $240 billion by 2035. During a visit to the coastal city of Vizag in Andhra Pradesh earlier this month, Prime Minister Narendra Modi inaugurated India's newest international airport and simultaneously laid the foundation stone for a 25 billion-rupee ($262.25 million) semiconductor facility. This plant is the first semiconductor project approved in southern India under the government's ambitious chip-making initiative.

In addition to new factory developments, New Delhi has launched Semicon 2.0, a program with a $13.4 billion outlay aimed at further boosting the sector. These moves reflect the government's commitment to reducing reliance on imports and establishing India as a significant player in the global semiconductor market.

Sources: Nikkei Asia