Microchip Technology Inc. , MCHP +3.00% announced Monday that it would invest $300 million in multiple years to expand their presence in India. The company has already hired about 2,500 people in India. It will upgrade its Bangalore, Chennai and Hyderabad facilities. It plans to expand its engineering laboratories, speed up hiring and launch Corporate Social Responsibility programs. According to IESA and Counterpoint Research, India’s chip industry is expected reach $64 billion in 2026. This is nearly triple what it was at $22.7 billion in 2019. Microchip has made a strategic commitment to grow its operations in India. The country’s meteoric growth is proving it to be one of the most important sources of technical and business resources for our industry, CEO Ganesh Moorthy stated in a press release. Recently, rival chipmakers Micron Technology Inc. MU -1.90%, and Applied Materials Inc. MAT -0.21% announced plans to expand their operations in India. The stock of Microchip has risen 28% year-to-date, while that of the S&P500 SPX +1.23% is up 16%.