India’s sweeping state-backed semiconductor drive -- supported by a strong design ecosystem and a large pool of engineering talent -- is beginning to attract private investment on its own, Union Minister Ashwini Vaishnaw said on Thursday. 

Speaking at Bloomberg’s New Economy Forum in Singapore, Vaishnaw noted that the country’s efforts are now moving beyond government-led initiatives and creating confidence among global chipmakers.

"India’s sweeping state-backed semiconductor drive -- coupled with its growing design ecosystem and deep bench of engineering talent -- is helping the country reach a stage where private capital begins to flow in on its own," Vaishnaw stated.

Vaishnaw said India’s goal is to ensure that its semiconductor manufacturing capabilities are on par with major chip-producing nations by 2032.

He described the 2031–2032 window as the period when India will match the level many established countries have reached today, setting the stage for a fair and competitive global race.

"India’s semiconductor programme is still in its early stages, but the government has ramped up spending to attract chip designers and manufacturers," the minister mentioned.

A $10 billion incentive fund has helped launch several assembly, packaging and testing projects.

"Micron Technology has already set up a plant in Gujarat, while Tata Group is among 10 companies preparing to fabricate silicon within the country," Vaishnaw said.

Vaishnaw said three of India’s semiconductor facilities are expected to begin commercial production early next year.

He added that the strong push from the government, combined with India’s expanding talent base, is helping create the right environment for long-term private sector participation, similar to the way subsidies have encouraged Apple and its suppliers to ramp up iPhone production in the country.

"India’s approach of a common and affordable compute facility is ensuring democratisation of technology," Vaishnaw mentioned.