Top executives from Foxconn, Micron, and AMD will attend a conference in Prime Minister Narendra Modi's home state this week, as the government seeks investment in India's fledgling chip industry.

India wants to compete with Taiwan as a semiconductor manufacturing hub, and the high demand for chips means the local market will be worth $80 billion by 2028, nearly four times its current size of $23 billion.

However, Modi's strategy has so far failed. In 2021, his government announced a $10 billion scheme for domestic chip manufacturing, attracting interest from companies including Foxconn and local conglomerate Vedanta Ltd, but none of these proposals have materialised.

On July 28, Modi will kick off the annual SemiconIndia conference in Gandhinagar, Gujarat's westernmost city. Foxconn Chairman Young Liu, Micron Chief Executive Officer Sanjay Mehrotra, and Advanced Micro Devices Chief Technology Officer Mark Papermaster are among the speakers at the three-day event.

The announcement comes just weeks after Foxconn backed out of a $19.5 billion chip joint venture with Vedanta, citing "project delays." Foxconn has since decided to strike out on its own.