India's Deepest Chip Gap Is Being Filled at the Frontier — on Foreign Balance Sheets

IC substrates are one of the few layers where India has no producer at all and three firms hold ~70% of the world market. The first plant to address it — Intel and 3DGS, US$3.3bn in Odisha — is building glass-core substrates, a technology nobody has in volume production anywhere. India is entering this layer at the frontier rather than a generation behind. It is also entering it as a host, not an owner.