India and Thailand have launched a full-fledged race for semiconductor manufacturing investment in order to secure a place on Asia's chipmaking map.

While China and the United States are engaged in a chip war, India has emerged as an alternative option and is pursuing every opportunity to be recognized as a major player in the supply chain.

Previously, on July 28, Prime Minister Narendra Modi spoke at the SemiconIndia 2023 industry event, emphasizing his country's strengths in the global chip industry.

In a speech, he asked, "Who can be a more trusted partner than the world's largest democracy?"

"As India moves forward on the path of reform, new opportunities will be created. India is becoming an excellent conductor for semiconductor investments," PM Modi said, addressing the inaugural session of 'SemiconIndia 2023' in Gandhinagar, Gujarat.

According to a statement issued by the IT and Electronics Ministry, the Modified Programme for Development of Semiconductors and Display Manufacturing was approved by the Indian government in 2021 with a budget of Rs 76,000 crores.

The program aims to provide companies involved in silicon semiconductor fabs, display fabs, compound semiconductors/silicon photonics/sensors, semiconductor packaging, and semiconductor design with attractive incentive support.

On June 14, the government approved Micron Technology Inc.'s proposal to establish a semiconductor unit with a capital investment of Rs. 22,516 crore (2.75 billion dollars) in an effort to make India the next chipmaker industry. According to the statement, this Micron manufacturing facility will produce DRAMs, Flash memories, and Solid-State Devices.