This report analyzes the historical development of Singapore’s and South Korea’s semiconductor industries to extract strategic lessons for India’s current Semiconductor Mission. Despite India’s past failures in establishing a chip industry due to technological, capital, and policy constraints, the country now seeks to leverage geopolitical opportunities and international partnerships to build a domestic semiconductor sector. The report examines how Singapore successfully used “technology leverage” through multinational corporations, while South Korea employed its chaebols (conglomerates) to achieve rapid catch-up in memory chip production. Both countries prioritized broader economic reforms, talent development, and strategic investments before intensifying semiconductor efforts, offering valuable templates for India’s semiconductor ambitions.