Honestly, not much currently.
QUAD unproven, India still wants Russian S400 despite CAATSA, dependence on sourcing from Russian MIC for decades to come, working relations with Iran. That's just some medium-term geopolitical positions against India. India will have problems getting leading edge for same reasons as China. Ultimately, India is too big to ever be junior partner and be subsumed under US controlled semi. Even if India had Chinese market capacity to absorb 300B of semi imports per year, they'd still have problems getting IC deals because at that point, a rich developed India that controls Indian Ocean is much scarier than rich China that controls SCS.
IMO India should hope Chinese semi efforts + EU/SK/JP attempts to spin off de-americanized supply chain succeeds - more semi tech spreads, more access to tech via political leveraging between blocs, better chance for indigenous Indian efforts. In the mean time focus on other achievable choke points like wafers, gas production, photo resist and insinuate itself into current global supply chain. Flex it's China-balance position and try to coerce modest 28nm fab for Indian MIC and slowly build from there. Realize it took SK/TW/US 40 years to build up capabilities. China will be lucky to do it in 30. No short cuts. The elephant in the room is obviously just getting country infra / business environment in order. IMO leading industries are whole of society problems. A country with $2000 per capita and heavy brain drain needs to solve the basics first.