India’s semiconductor ambitions are growing, but the path forward may not involve billion-dollar fabrication plants, just yet. While policymakers often publicise fabs as the ultimate prize, industry leaders argue that the country’s most pragmatic entry point is elsewhere. Assembly, testing, and packaging (ATMP) is a step in the value chain, better known globally as outsourced semiconductor assembly and test (OSAT). Instead of rushing into full-scale fabrication, a goal many experts say remains years away, executives point to back-end manufacturing as the natural first step. “The natural evolution for most companies has been, first, can I look at localisation of the back end, the OSAT piece?” said