India's real chip opportunity is supply chain, says Lam Research's Rangesh Raghavan

India's semiconductor opportunity lies primarily in building supply chain ecosystems rather than focusing solely on fabrication plants, Lam Research executive Rangesh Raghavan said. Raghavan, who has spent 33 years in the industry, said the country's efforts are broadening in encouraging ways but long-term success depends on developing capabilities across the value chain surrounding fabs. Raghavan said semiconductor manufacturing is one of the most capital-intensive and technologically complex industries, requiring deep expertise and ecosystem maturity. He said significant opportunities exist across multiple parts of the value chain where India can build on existing strengths in engineering talent and growing domestic demand. The global wafer fab equipment market is projected to reach $145 billion in 2026 and $156 billion in 2027, driven by AI-related investments. Lam Research has been working with Indian manufacturers to qualify precision components and assemblies for semiconductor equipment. Raghavan said many capabilities already exist within India's industrial base across aerospace, automotive and healthcare sectors. The extended supply chain generates employment at a larger scale across manufacturing, services and engineering. Lam's Bengaluru center has contributed to global R&D for 25 years.