Semiconductor Stocks in India

In an era when technology underlies every sector, from healthcare and mobility to defence and communications, semiconductors are central to national strength. The “Made in India” dream in this domain is no longer just rhetoric; India is actively striving to shift from a semiconductor consumer to a meaningful player in the global value chain.

The Indian government took decisive steps to build a self-reliant semiconductor ecosystem. It began with initiatives like Make in India and the PLI Scheme to boost electronics manufacturing and reduce import dependency. In 2021, the government launched the landmark India Semiconductor Mission (ISM) with an outlay of ₹76,000 crore to establish a comprehensive semiconductor and display manufacturing ecosystem, alongside the Design Linked Incentive (DLI) Scheme, to promote local chip design. By 2022, India strengthened global collaborations through MoUs with the U.S., Japan, and Taiwan, and hosted the first Semicon India Conference. In 2023, major investments materialised, with Micron Technology’s ₹22,516 crore ATMP facility in Gujarat and AMD’s $400 million design centre in Bengaluru marking India’s first significant manufacturing breakthroughs. The momentum continued in 2024, with approvals for key projects including Tata Electronics’ ₹91,000 crore fab plant in Dholera, TSAT’s ₹27,000 crore OSAT unit in Assam, and CG Power’s ₹7,600 crore ATMP plant in Sanand, alongside the launch of a National Semiconductor Skill Development Program. By 2025, India entered the production phase with new chip design centres in Noida and Bengaluru, four new semiconductor projects worth ₹4,600 crore, and the unveiling of “Vikram,” India’s first indigenously designed chip, marking its transformation into an emerging global semiconductor hub.

Let’s understand the different phases

The semiconductor industry is complex, and this process is often broken into many more steps, but these five phases represent the major stages of the value chain. A simplified 5-phase process for taking a semiconductor from R&D and design to distribution is:

1. R & D Design

R&D in the semiconductor industry is the continuous process of designing, developing, and improving chips and the technologies used to manufacture them.

Global Players: Broadcom, Qualcomm, Texas Instruments, Infineon Technologies, Micron Technology, Intel (U.S.), Samsung Electronics, SK Hynix and STMicroelectronics.

India Players: Tata Group, HCLTech, Bharat Electronics Limited (BEL), L&T, and Wipro.

2. Front-end Fabrication

Front-end fabrication is the process of building integrated circuits (ICs) layer by layer on a silicon wafer through a series of complex steps. 

Global Players: TSMC (Taiwan Semiconductor Manufacturing Company), Samsung Electronics, Intel, UMC (United Microelectronics Corporation), SMIC (Semiconductor Manufacturing International Corporation) and Tower Semiconductor.

India Players: Tata Electronics, Vedant

3. Semiconductor Assembly and Test

Semiconductor assembly and test (ATMP) is a stage in the semiconductor industry where raw silicon wafers are converted into finished chips ready for use in electronic devices.

Global Players: ASE Group, Amkor Technology, SPIL (Siliconware Precision Industries Ltd.), STATS ChipPAC and JCET Group.

India Players: MosChip Technologies, Mindgrove Technologies, InCore Semiconductors, Saankhya Labs and Signalchip

4. PCB Assembly and test

PCB assembly and testing in the semiconductor industry involve two main stages: populating a bare circuit board with components and then performing various tests to ensure the final product, or PCBA, functions correctly and meets specifications.

Global Players: Foxconn, Jabil, Celestica and Sanmina.

India Players: Tata Semiconductor Assembly and Test (TSAT), Kaynes Technology, ASM Technologies, MosChip Semiconductors, and Bharat Electronics Limited (BEL).

5. Distribution

Semiconductor distribution is a critical link in the supply chain that connects manufacturers with end-users by ensuring the timely and reliable delivery of chips.

Global Players: Arrow Electronics, Avnet, Digi-Key, Mouser Electronics and Allied Electronics.

India Players: Millennium Semiconductors India, Rabyte Electronics, Mango Semiconductors India, Pantronics India, IIE Semiconductors, Digital Semiconductor 

Semiconductor Companies approved by the government in India

The Indian government has approved several companies for semiconductor projects. They are working on different phases. As of August 2025, India’s semiconductor landscape under the India Semiconductor Mission (ISM) has expanded, with 10 major projects approved across various states, representing a total investment of nearly ₹1.60 lakh crore (US$18–20 billion).