The advancement of technology has made the world a global village. Countries are now collaborating to develop and enhance technologies that can benefit their economy and security. The India-US Initiative on Critical and Emerging Technologies (iCET) is an important collaborative framework focused on developing open, resilient, and secure technology ecosystems. It was launched in May 2022 during the Tokyo summit between President Biden and Prime Minister Modi. The goal is to expand cooperation in critical technologies like AI, quantum, biotech, 6G, etc. that will shape the future. It aims to build reliable and trust-based technology supply chains and infrastructure. There is a focus on developing tech cooperation consistent with democratic values and institutions. Working groups have been set up to implement projects under iCET in agri-tech, health-tech, aerospace, semiconductors, etc. A midterm review is planned in September 2023 to take stock of progress and maintain engagement momentum. An annual review will be done in early 2024 jointly by the National Security Advisers of both countries. iCET provides an umbrella framework to deepen India-US strategic technology partnerships for mutual economic and national security benefits. India currently lacks major chip fabrication facilities and relies on imports to meet over 90% of its semiconductor demands. To boost self-reliance in chip making, India has unveiled plans to set up specialized semiconductor fabrication units under the India Semiconductor Mission. Leading chipmakers like Foxconn, IGSS Ventures, and ISMC have proposed setting up semiconductor labs in India, encouraged by government subsidies and incentives. Vedanta Group and Elest have also announced signing MoUs with state governments to build semiconductor manufacturing plants. The central government has committed $10 billion in financial support for India’s semiconductor mission over the next 6 years. IIT Madras is also partnering with industry players to establish an Indigenous Semiconductor Chip Design Centre to develop homegrown chip designs. Initiatives like Chips to Startup are being launched to support Indian semiconductor startups with funding and infrastructure access. India is also seeking partnerships with nations like the UAE, Singapore, Korea, and Japan to gain expertise in chipmaking. However, challenges remain around ensuring sustainable demand, competition from East Asia, and gaps in the talent pool. The indigenous chip design and fabrication capabilities are a strategic priority for India – vital for its digital economy and technology self-reliance. But at the same time, it also presents a serious threat to regional stability, supply chain, and the emerging tech industry of Pakistan.