15/07/2026
Is India too poor to invest in research?
Before answering that, I must share with you a note on history, that hasn't been kind to us.
SCL Mohali, established by the Indira Gandhi government, was India's first semiconductor facility.
It was established 4 years before TSMC.
In 1984, India was producing 5 micron chips. Rumours suggest that SCL was closing in on 0.8 micron chips (Remember, the smaller, the better) by the late 80s.
Until a mysterious fire destroyed everything. Equipment worth $34 million (or $87 million today) went up in flames.
Around the same time, Taiwan started exporting 3 micron chips.
We were trying. Because the public sector was bloated, because the average Indian needed government subsidies to afford a life worth living.
Then, suddenly, Iraq invaded Kuwait, causing a spike in oil prices. And Soviet Union, India's largest trading partner then, collapsed. For an import oil dependent nation, this was terrible news.
With barely 3 weeks worth of survival money left, the Indian government panicked. World Bank and IMF offered a loan, that came with strings attached. Leading to the liberalisation of 1991.
Subsiding your poor citizens lives, affording them dignity, came at the cost of a weak private sector. Liberalisation exaggerated this problem as global companies rushed to loot the newly opened Indian markets.
Weak IP and Patent laws didn't help us either.
First it was the british, then the americans, then the chinese. We've been plundered for centuries.
We were never poor. We were just plundered. Again and again. I don't mean to sound political, I am just reciting history.
As global trade collapses, thanks to the Iran War, we are being forced to rethink, who are we and what do we stand for?
In the new world order, research is the only MOAT. Thankfully, we are getting there. We are getting there folks.