As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2026, India’s semiconductor ambitions stand at a decisive inflection point. After years of policy announcements and initial approvals under the India Semiconductor Mission (ISM), the next phase will test whether the country can translate intent into sustained, on-ground execution while remaining competitive in an increasingly fractured global chip race. Government confidence has been growing. Union IT minister Ashwini Vaishnaw said at an event in January that India aims to be among the world’s top four semiconductor manufacturing nations by 2032. He said four chip companies would begin commercial production in 2026, with projects led by Micron, Tata, Kaynes and CG Semi already moving through pilot and trial phases.