In the high-stakes game of semiconductor manufacturing, India’s bet through the Production-Linked Incentive (PLI) scheme is ambitious but fraught with uncertainty. The government’s allocation of Rs 38,601 crore to bolster semiconductor and display manufacturing is a bold move, yet over 80 per cent of these funds remain under-utilised. This begs the question: what tangible outcomes are we seeking with such hefty investments? The PLI scheme’s promise of employment and value addition to India’s electronics sector is not as straightforward as it seems. Semiconductor manufacturing, while critical for a plethora of hardware and appliances, is highly automated and does not significantly contribute to employment relative to the value of sales. The defence sector’s import-heavy spending is a testament to the fact that not all large-scale investments yield substantial domestic job creation. While the PLI constellation is a gamble worth taking, it must be complemented by nurturing domestic semiconductor design talent. Initiatives like the design-linked incentive scheme are steps in the right direction. Yet, the focus remains disproportionately on subsidising large-scale manufacturing units that rely heavily on imported materials. Consequently, multinational chipmakers are hesitant to make significant commitments, despite the incentives. The government’s outlay must be tied to clear objectives. Is the goal to ensure cyber sovereignty and insulate India from supply chain disruptions akin to those experienced during the pandemic? Is it to reduce the cost of electronics for Indian consumers or to position India as a global hub for electronics manufacturing? Defining these goals is crucial for accountability and adaptability. Without a clear direction, we risk pouring funds into an initiative with little to show for it. It’s time for the Union government to articulate its vision for the PLI scheme, ensuring that every rupee spent is a step towards a well-defined, strategic outcome for India’s technological future.