New Delhi, March 2 (IANS): The country will not only meet its demand for semiconductors by 2029 but also start exporting them, while fabricating “300 crore semiconductor chips in a year”, Union Electronics and IT Minister Ashwini Vaishnaw has said.

The minister said that India is now in a position where design is being complemented by assembly, testing, marking and packaging (ATMP) and fabrication capabilities.

"This will bring the entire semiconductor chain to India,” he added.

“A significant part of our (semiconductor) requirements will be made in India. We will also become major exporters, just like we have become major exporters of mobile phones,” said the minister.

About $26 billion worth investment proposals are currently with the government for semiconductor manufacturing in the country, according to industry sources.

More than $18 billion worth proposals have already been cleared by the government, which includes three semiconductor fabrication (fab) manufacturing projects worth Rs 1.3 lakh crore which were announced this week.

The first India-made chip from the Rs 22,500 crore Micron semiconductor plant in Gujarat is set to arrive in December this year.

Vaishnaw on Friday said that at least eight large investment firms are looking to explore opportunities in the telecom sector amid rapid digital transformation and new opportunities.

More and more investors are looking at the country as an emerging market for investments.