There are plenty of reasons for India’s semiconductor companies to win. The US is seeking to dial back its reliance on China’s tech providers, shaking up global supply chains. Since one-fifth of global semiconductor-design talent is located in India, the country should be coming out on top.

But that isn’t how the shakeup is unfolding. Some projects like those of Murugappa Group, Micromax, and Tata Electronics are chugging along, but there are hardly any internationally noteworthy players.

Here’s one absent piece of the puzzle: there isn’t enough capital being directed into India’s semiconductor space. The government’s design-linked incentives, or DLI, are meant to kick-start the sector, but the funds simply aren’t enough to yield the results that would put India squarely on the map.

There are other problems too, from US President Donald Trump’s shenanigans to the fact that Indian firms still need to put in immense effort to convince customers that their chips can be just as good as anyone else’s.

It’s tough running a semiconductor company in India. Shristi Achar explains in the latest edition of Make India Competitive Again, as read by Brady Ng.

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