Applied Materials to invest $5 billion in India as Modi's flagship chip event launches

Applied Materials, a leading US semiconductor equipment manufacturer, announced a $5 billion investment in India as Prime Minister Narendra Modi's flagship semiconductor initiative kicked off. The investment underscores India's efforts to strengthen its domestic chip manufacturing capabilities and attract global semiconductor players.

The announcement comes as India seeks to reduce its dependence on imports and position itself as a key player in the global semiconductor supply chain. Modi has prioritized semiconductor manufacturing as part of his broader 'Make in India' agenda.