The Ministry of Electronics and Information Technology of India has recently revealed its ambitious plan to commence production of its first batch of indigenous semiconductor chips by December 2024, as reported by Commercial Daily News on September 25. Backed by robust support from the United States, India is steadfast in its pursuit to emerge as a key global semiconductor hub. Meanwhile, Micron is set to establish an IC assembly and testing fab in Gujarat, India. The total investment reportedly will be up to US$2.75 billion, with Micron contributing US$825 million, while the rest will come from the Indian government. Upon completion, this facility will mark India's entry into semiconductor manufacturing, with dedicated focus on fulfilling both domestic and international demands for DRAM and NAND flash products. 

The new fab will be constructed in two phases. The first phase, comprising of 500,000 square feet of cleanroom space, is expected to begin operations by the end of 2024, while the second phase is scheduled to commence in 2025 with the scale similar to the first one. 

Global semiconductor market value is estimated to reach US$576 billion in 2024. This figure represents a significant 11.8% year-on-year escalation from the recorded value of US$515 billion in 2023, according to MIC (Market Intelligence & Consulting Institute). Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in the Asia-Pacific region.