Following discussions with global semiconductor leaders at Semicon India 2024, Indian Prime Minister Narendra Modi met with US President Joe Biden during his three-day visit to the United States. They signed a key agreement to create a semiconductor fabrication plant in India.

The plant, backed by the India Semiconductor Mission and a strategic partnership with Bharat Semi and the US Space Force, will focus on manufacturing advanced semiconductors, including gallium nitride (GaN) and silicon carbide (SiC). Both leaders highlighted its significance for national security and green energy.

"This facility will enhance our capabilities in wide band gap semiconductors, serving both US and Indian defense needs," stated Danish Faruqui, CEO of Fab Economics.

Additionally, GlobalFoundries (GF) will launch the GF Kolkata Power Center to boost research and development in chip manufacturing. This hub aims to drive innovation in zero-emission vehicles, connected devices, and AI.

GF is also pursuing long-term partnerships with India to strengthen technological cooperation and create quality jobs. In February, GF received $1.5 billion under the US CHIPS and Science Act to enhance its manufacturing capabilities.

"This semiconductor boom in India requires partnerships with technology leaders like GF," noted Neil Shah from Counterpoint Research.

Modi and Biden also announced efforts to build resilient semiconductor supply chains, reinforcing the US-India Initiative on Critical and Emerging Technology (iCET).

Anurag Awasthi from the India Electronics and Semiconductors Association remarked that India's semiconductor policy supports sustainability and diversified technologies.

In June 2023, Micron revealed plans to invest $2.75 billion in a new assembly facility in Gujarat. At Semicon India 2024, Minister Ashwini Vaishnaw confirmed the completion of the first phase of the Semicon India initiative and is preparing the roadmap for Semicon 2.0, expected in the coming months.