Amitabh Kant, former CEO of NITI Aayog and India's G20 Sherpa, announced Monday that twelve semiconductor projects have cleared approval with a combined commitment of ₹1.64 lakh crore (roughly $19.7 billion USD at current rates). The projects span fabrication, assembly, testing, and packaging — the first coordinated attempt by New Delhi to build domestic chip infrastructure at scale.
The commitment arrives eighteen months after India launched its incentive scheme for semiconductor manufacturing, a program that stalled twice before revisions in subsidy structure and land allocation protocols. Kant's statement carries weight: he architected the production-linked incentive model that drew Apple and Samsung manufacturing expansions. The ₹1.64 lakh crore figure includes both government subsidy and private co-investment, though the exact split remains undisclosed. What matters is the project count — twelve approvals suggest movement beyond the pilot stage into buildout phase.
This is India's third run at semiconductors. Previous efforts in the 1980s and early 2000s collapsed on capital intensity and talent drain. The difference this time is geopolitical tailwind. Western governments and their contract manufacturers need alternatives to Taiwan-centric exposure, and India offers English-speaking engineering depth, political stability relative to Southeast Asian peers, and a domestic market scaling past 1.4 billion consumers. The Modi administration has also revised land acquisition rules and power-supply commitments — historically the chokepoints that killed earlier fab proposals.
For allocators, the signal is capital formation in hard infrastructure outside China's orbit. India's semiconductor spend is small compared to the $52 billion CHIPS Act in the United States or the EU's €43 billion subsidy pool, but it represents 2.1 percent of India's projected FY25 central budget. That ratio signals policy durability. The Ministry of Electronics and IT has prioritized nodes between 28nm and 65nm — not leading-edge, but sufficient for automotive, industrial IoT, and telecom infrastructure. These segments face the tightest supply constraints and the highest geopolitical risk premiums.
Watch for named partnerships in Q1 2025. The twelve projects likely include joint ventures with Taiwan's Powerchip, Israel's Tower Semiconductor, and domestic conglomerates like Tata and Vedanta. Tower and Powerchip have publicly explored Indian fab sites since mid-2023. If either announces a memorandum of understanding with state governments in Gujarat or Karnataka before March, expect foreign institutional capital to rotate into Indian industrials and power utilities. Separately, monitor whether the U.S. Export Administration Bureau issues any licenses for lithography equipment transfers to Indian fabs — a signal that Washington views India as a trusted node in the supply chain.
The ₹1.64 lakh crore is committed, not yet deployed. The test is whether construction begins in 2025 and whether the Ministry can hold power tariffs stable long enough for fabs to pencil fifteen-year ROI models.
The takeaway
India's ₹1.64 lakh crore semiconductor commitment — twelve projects approved — marks geopolitical capital rotation into non-Taiwan chip infrastructure.
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