Key Points

New Delhi [India], September 1 (ANI): Union Minister of Commerce and Industry Piyush Goyal held a meeting on Monday with Tim Archer, President & CEO of Lam Research.

In a post on X, Goyal said they "discussed the company's India growth plans and the immense opportunity that our country offers to build the next-gen semiconductor ecosystem with R&D, skilling, design and manufacturing."

https://x.com/PiyushGoyal/status/1962531976826736766

The meeting built on Lam Research's significant announcement earlier this year, in February, when the US-based semiconductor services company unveiled a major investment of over Rs 10,000 crore in India, marking a key step in boosting the country's semiconductor ambitions.

In his X post, Union Minister Ashwini Vaishnaw on Tuesday informed about the major investment and said that this move was 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 cr in India. Big vote of confidence in PM @narendramodi Ji's semiconductor vision," he posted on X.

The investment was part of Lam Research's plans to expand its global chip fabrication equipment supply chain to include India. The company had already signed a memorandum of understanding with the Karnataka government to lease and eventually purchase a land parcel at Whitefield in Bengaluru.

This development was a significant milestone in India's semiconductor journey, which aimed to build a sustainable semiconductor and display ecosystem in the country. The Indian Semiconductor Mission (ISM) had approved five projects under the India Semiconductor Mission, with a total outlay of Rs 76,000 crore.

The semiconductor market in India was 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 were key to propelling India's semiconductor sector forward.

Lam Research's investment was a testament to the government's efforts to promote domestic semiconductor manufacturing. The company's plans to advance India's semiconductor workforce through virtual nano-fabrication environments and training programs also helped address the talent shortage in the industry.

- ANI