India's Minister for IT & Electronics Ashwini Vaishnaw revealed that several high-profile global companies have expressed keen interest in investing in India. While specific names were not disclosed, Goyal mentioned that these companies are of substantial size and stature, boasting strong track records.

In an interview with CNBC-TV18's Yash Jain on the sidelines of the Semicon India, the minister expressed optimism that within the next 12 months, at least two significant proposals will be signed, marking the beginning of their collaboration with India. The interest from these prominent companies reflects the nation's growing appeal as an investment destination, and it is expected to bolster India's economic growth and international standing.

Here are the excerpts of the interview:

Q: What is the larger vision which the government is working with as far as the semiconductor sector of India is concerned?

A: Semiconductor is a foundational industry. Semiconductors are used practically everywhere, fridge, television sets, cars, aeroplanes, trains, etc. So it is very important for India to develop this industry.

Prime Minister Modi’s vision is to create a comprehensive ecosystem in which from design to components to the supply ecosystem of chemicals and gases to fab to the downstream industries like electronics, telecom, all these industries should have a good setup in the country. That is the vision with which we are working and we have had good success.

As Prime Minister Modi mentioned, electronics industry was just about $30 billion 10 years ago. Today it has already crossed $100 billion. Mobile phone we have become from an importer to an exporter. Same is the case which will happen in semiconductor also.

Telecom also we have been importers, now we have started exporting telecom equipment. So it is a very sustained, very step by step and methodical way of working.

Q: There are multiple attempts in the past also to bring the semiconductor industry and investors in India. Do you think multiple number of times in the past we've missed this bus, and because of which there's a lot to catch up as far as global peers are concerned?

A: Today we are placed in a very important position of strength. Why? First, very strong talent base and increasingly we are working to improve this talent base. We have tied up with 104 universities, including Purdue University. The speed at which the India Semiconductor Mission under Prime Minister Modi's leadership has delivered is phenomenal.

Second, the focus on ecosystem not just setting up the fab but working on practically everything that goes into making it successful. Take the case of Micron, within few weeks of getting their approval letter, land was allocated to them, permits have been given and they've already started working on the land. They will soon start construction. So we are making sure that every part of the activity is supported by the government.

Third, because our Prime Minister Narendra Modi has conducted the foreign policy of the country in a very independent way, today there is huge trust in the world on India. So India has emerged as a trusted supply chain partner for semiconductors.

We have already signed two memorandums of cooperation with US and Japan. That is not something small. US and Japan agreeing to jointly develop technologies with India, it is phenomenal, it is a very important change. So we feel that yes, we will succeed. The first step has already happened. Second step of applied material has happened and today we are very happy to share that AMD has announced $400 million investment in Bengaluru for further expanding their R&D Center.

Q: By the end of current year at least as far as interest or signing of MoUs is concerned, how many global companies do you see expressing their interest to come to India?

A: Lots of companies are discussing with us, quite a few of them. We hope that in the coming 12 months, we should be able to have two more proposals which are signed and work started.

Q: Could you sort of delve into the names? Which are these companies just to understand the size and stature of these companies?

A: Big size, big stature, very strong companies with good track records.

Q: These are global companies?

A: Let me not give any names.

Q: Tatas have expressed interest. N Chandrasekaran talking about the semiconductor manufacturing part of it. Also, as far as Vedanta is concerned, they are exploring their options. On the domestic side where is all this interest coming from? Which other conglomerates are exploring their options? What is the quality of interest that you see from the domestic sector?

A: Very sincere interest. The electronics industry is a very big consumer of semiconductors and that industry is growing as Prime Minister said, like Moore's law. So it is huge growth, it's an exponential growth which is happening. Lot of manufacturing activity is happening in a variety of the other sectors, defense sector, train, railway sector, airline engines will be manufactured here in India, lots and lots of activity is going on in the manufacturing side. All of these are good consumers of electronics. So we are seeing interest from a variety of players, most of them are very sincere industries, very focused on quality, very focused on delivery.

Q: How many domestic names?

A: I shouldn't be saying any names.

Q: When do you expect Micron to start manufacturing and by when do you see that first chip coming out from Micron’s side?

A: The first made in India chips should be delivered by December 2024 from Microns plant.

Q: One concern on Micron was also the partial ban which China had put on them, restricting the use in military applications. Did that ban sort of concern India also? Was there a thought which was given to that, that if some country has done something like that, what was our thought on the whole matter?

A: That's a matter on which Micron should comment, not us.

Q: As far as India semiconductor imports are concerned, what is the size of imports that we do as of today? You spoke about the vision for the next five to ten years, how do you see the import size reducing? If you could quantify that.

A: Semiconductor market in India will be of the order of $100 billion in coming four to five years. So that much capability we have to develop on in our country. Today, the global supply chain is very complex, no country can manufacture everything, there will be variety of supply chain combinations, we should develop a niche in which we have biggest strength. Our biggest strength is our talent. So we should take up work where the talent can be best put to use. That's the way we're working.

Q: If you could give us some numbers in terms of the import figures for the semiconductors, and how do you see that reducing?

A: Currently imports are in the order of $20 billion and I think this will significantly reduce as we go forward.

Q: As far as the investments that we've heard as of now, they're more into testing packaging, when do we see more investments coming on the designing, manufacturing side in your understanding?

A: Assembly, testing, marking, and packaging (ATMP) is a very complex manufacturing process. Unlike other industries, where testing and packaging has its own meaning, ATMP in terms of semiconductor is a very complex process. So, we are starting with the ATMP in the Micron plant, where these chips will be manufactured. And as the ecosystem develops, there are many companies which are coming along with Micron because lots of complex gases and chemicals and other things are there, as that ecosystem develops we'll see many more players who don't have to do so much groundwork before they come.