New Delhi, Feb 11 (IANS): US-based semiconductor company Lam Research will invest Rs 10,000 crore in India, Union Minister for Railways and Electronics and IT, Ashwini Vaishnaw, announced on Tuesday.

Lam Research Corporation last year announced plans to expand its global chip fabrication equipment supply chain to include India.

“One more milestone in our semiconductor journey: Lam Research announces major investment of over Rs 10,000 crore in India,” Minister Vaishnaw posted on X social media platform.

“Big vote of confidence in PM @narendramodi Ji’s semiconductor vision,” he added.

Last year, Lam Research Corporation pledged nearly Rs 241 crore in software licenses to upskill 2,800 students in the country, in collaboration with the Indian Semiconductor Mission (ISM) and Indian Institute of Science, to prepare a future-ready workforce.

The setting up of a semiconductor manufacturing base in the country has been an important part of ‘Make in India’, which India has been attempting to achieve for over six decades.

With the launch of the India Semiconductor Mission and the five major projects which have been approved, starting with Micron, the two projects by Tata Electronics, the one project by CG Power, and the last project by Keynes, a real manufacturing base of semiconductors in this country is being established in India.

India’s semiconductor market is projected to grow to $103.4 billion by 2030, powering the over $400 billion electronics market, according to the Indian Electronics and Semiconductor Association (IESA).

The government’s targeted incentives for fabrication facilities (Fabs) and outsourced semiconductor assembly and testing (OSATs), increased R&D investments and collaborative industry initiatives are key to propelling India’s semiconductor sector forward, with significant investment commitments of over $21 billion by the IESA member companies in last one year.