In two years, India will produce its first chip, with Nvidia, AMD, and Micron committing to expanding in the country.

• In two years, India will produce its first chip, as Commerce Minister Piyush Goyal stated in a CNBC interview in New York.
• As U.S. chipmakers focus on expanding in India, India is also making a push into semiconductors. Companies such as Nvidia, AMD, and Micron have all pledged to increase their presence in the country.
• The number of iPhones manufactured in India is expected to increase, according to Goyal.

In two years, India will produce its first chip, as Commerce Minister Piyush Goyal stated in a CNBC interview in New York.

As more U.S. chipmakers focus on India, India is increasing its efforts in the semiconductor industry. Some of the U.S. companies that have committed to expanding in India include Intel and AMD.

Goyal stated that he frequently communicates with the Micron CEO and they are making significant advancements.

Tata and other domestic companies are working to make India's semiconductor dream a reality, as Goyal stated.

Without the expertise of companies like Taiwan Semiconductor Manufacturing Company and Samsung, it's unlikely India will manufacture the most cutting-edge chips.

Goyal stated that although the job is challenging, we possess the necessary talent and skills. He mentioned a recent trip to Silicon Valley where he observed numerous Indians working on both the production line and in management positions.

The minister leading the U.S. corporation expansion initiatives under Prime Minister Narendra Modi is optimistic that India will successfully produce the first chip by 2026-2027.

Apple has already achieved success in India by diversifying its supply chain away from China. Goyal states that 14% of the world's iPhones are manufactured in India, with this number expected to increase. Apple has increased assembly in the country in the past two years and has also boosted its retail presence to attract new iPhone buyers. Additionally, Goyal notes that Indian customers are increasingly choosing the more expensive iPhones.

Goyal stated that Apple has started producing other products, such as iPads, AirPods, and Apple Watches, in the country.

Apple's expansion in India has resulted in 150,000 jobs in manufacturing facilities, making it the largest employer in the country's electronics industry, as per India's Commerce department. However, an Apple spokesperson was not immediately available to provide a comment.

Apple's foray into India comes amid ongoing growth challenges in China.

Goyal stated that India's success does not depend on China's economic struggles and recent optimism.

Goyal stated that India is self-reliant and does not rely on China. We have our own strengths and abilities, and we believe our offerings are superior to China's.

On Monday, Goyal met with executives from Warburg Pincus and KKR, among other Wall Street investors. Goyal stated that almost all U.S. private equity players are interested in constructing and managing data centers throughout the country.

India has been receptive to the expertise in artificial intelligence offered by companies such as , and . However, analysts caution that the country must address larger challenges, such as poor infrastructure, bureaucracy, and red tape, in order to facilitate corporate expansion plans.