India wants to be a global chip powerhouse in 5 years

India wants to be among the world's top five semiconductor producers in the next five years, said Ashwini Vaishnaw, minister of electronics and information technology, railways and communications. 

The chip industry "is a very complex market, and global value chains and global supply chains are extremely complex in the current context," Vaishnaw said on CNBC's Street Signs Asia on Friday. "We think in the next five years, we would be among the top five semiconductor nations in the world."

As of December, Taiwan holds about 46% of global semiconductor foundry capacity, followed by China (26%), South Korea (12%), the U.S. (6%) and Japan (2%), according to market intelligence firm TrendForce.

India will stand to benefit as more companies look to reduce reliance on China as U.S.-China tensions show no signs of ending soon. 

He said India sees itself as a "trusted value chain partner" for electronic device manufacturers, industrial and defense electronics, power electronics — "practically every electronics manufacturer, which requires semiconductors to be designed... and manufactured."

"Some people call it 'friendshoring.' I call it 'trust shoring' because there is a global trust in India," Vaishnaw said.

On Thursday, U.S. chip giant Qualcomm opened a new design center in Chennai. The facility will focus on wireless technology design and create 1,600 jobs in the country. 

"We started investing in India before it was popular. We have been building a presence in India for more than a decade now," Qualcomm CEO told CNBC affiliateCNBC TV-18. "A lot of our chips are designed in India, and that presence in India is also creating opportunities for a number of Indian companies."

Last week, Prime Minister Narendra Modi inaugurated three