India's semiconductor manufacturing ambitions have received a significant boost recently, complemented by a major investment in the cryptocurrency sector, signaling a dual thrust towards technological self-reliance and digital asset innovation.
After years of strategic planning and investment, India is now producing its own semiconductor chips. This marks a turning point in the country's efforts to establish a robust domestic electronics manufacturing ecosystem. The government has been actively promoting the semiconductor industry through initiatives like the Production Linked Incentive (PLI) scheme, committing substantial financial resources to attract both domestic and foreign investments. As of September 2025, construction of five semiconductor units is proceeding rapidly.
The Indian government has approved 10 semiconductor manufacturing projects with investments exceeding ₹1.6 lakh crore across multiple states. Furthermore, four new specialized chip plants have been approved, totaling ₹4,594 crore, designed to address critical gaps in the chip ecosystem. These facilities will focus on cutting-edge materials, advanced packaging, and essential device components.
These developments signify a transition from aspiration to a fully developed ecosystem, encompassing everything from raw materials to final packaging. India is also fostering innovation in chip design through the Design Linked Incentive (DLI) scheme, which provides subsidies to domestic companies. As of now, 23 design projects have been sanctioned under the DLI scheme.
While global leaders are developing advanced chips, India is focusing on manufacturing chips built on 28nm and 90nm nodes. These chips are essential for various applications, including power management, automotive controllers, and IoT hardware.
In a separate but related development, Coinbase has made an investment in CoinDCX, an India and Middle East-based cryptocurrency exchange. This investment underscores the potential Coinbase sees in the Indian and Middle Eastern markets, which have a combined population of over 1.4 billion people, growing technology adoption, and over 100 million crypto owners. The size of the investment was not disclosed, but Coinbase has previously participated in CoinDCX funding rounds.
CoinDCX has secured a sizable portion of the market, boasting over 20 million users and $165 billion in annualized transaction volumes as of July 2025. As of July 2025, CoinDCX's annualized group revenue is ₹1,179 crore (~$141M USD), annualized transaction volumes across products are ₹13.7 lakh crore (~$165B USD), and assets under custody are over ₹10,000 crore ($1.2B USD). The company has also expanded its operations into the Middle East through the acquisition of BitOasis, a virtual assets broker-dealer in the MENA region.
Coinbase's investment in CoinDCX demonstrates its commitment to expanding its international footprint and making crypto more accessible in India and the Middle East. Coinbase has been an investor in CoinDCX since 2020. The fresh capital will be used to fuel product innovation, drive user growth and expand into new geographies.
These parallel developments in chip manufacturing and cryptocurrency investment highlight India's ambition to become a major player in the global technology landscape. The country is strategically building its domestic capabilities in key sectors while also embracing emerging technologies like blockchain and digital assets.
