Prime Minister Narendra Modi on Friday inaugurated the three-day SemiconIndia Conference, 2022, which will be held from April 29 to May 1.
It’s a collective aim to establish India as one of the key partners in the global semiconductors supply chain, Modi said.
India will provide support for companies looking to invest in semiconductor manufacturing, he addded.
"We have shown that India means business, now it is over to you," Modi told the country's first semiconductor conference in Bengaluru.
The Indian semiconductor market, worth $15 billion in 2020, is estimated to reach $63 billion by 2026, the government says.
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.
The event will highlight India’s current capabilities, technological trends, R&D investment, current and future market prospects, and the enormous potential and effect it may have globally.
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.
The government has formed an advisory committee to drive the Rs 72,000-crore project, Semicon India, to make the country a global leader in semiconductor manufacturing, design and innovation.
The committee is mandated to provide key inputs for building a resilient supply chain, promoting investments, financing mechanisms, global engagement, research and innovation, and IP generation for the semiconductors and display ecosystem and enable an ecosystem to support startups and MSMEs.
Last year, in an effort to promote India as a worldwide hub for hi-tech production and attract multinational chip makers, the government authorised a Rs 76,000-crore scheme to expand semiconductor and display manufacturing in the country.
The supply chains of global semiconductor industry, which was badly affected during the COVID-19 period, is likely to see further disruptions due to the Russia-Ukraine conflict.
The conflict may impact the supply of raw materials used to manufacture semiconductor chip production. Ukraine and Russia are major sources of neon and hexafluorobutadiene gases.
The semiconductor chip shortage has impacted many industries worldwide with auto and electronics industries among the most affected sectors. The shortage first emerged after the COVID-19 pandemic due to lockdowns and restrictions.