I thought I would chime in.

I found these two paragraphs of that budget increase link interesting. Think of what Ajit has said way back in 2015 at the Deltronics conference and try to keep it in context as to where POET is at today. I've bolded what has caught my attention.

"India has considerable expertise in chip design but does not have the capability to manufacture them. (Well then, in comes Ajit Manocha who specializes in the logistics and processes of manufacturing, hmmmm?)  In 2012, India unveiled a new semiconductor policy aimed at encouraging the setting up of fabrication units within  the country. Two consortiums were identified by the government – one led by Hindustan Semiconductor Manufacturing Corporation (HSMC) and the other by Jaiprakash Associates. HSMC has since tied up with ST Microelectronics, Silterra and AMD to set up a $3.5 billion facility in Gujarat while Jaiprakash has dropped out, leaving its partners IBM and TowerJazz  looking for investors. A third plant is expected to come up in MP through Cricket Semiconductors of US.

So far, India has been making do with chips fabricated by the Bharat Electronics, Gallium Arsenide Enabling Technology Centre (Well, does that mean someone in that space that Ajit Manocha knows can take it to the next level, hmmm?)    in Hyderabad and the the Semiconductor Complex Ltd (SCL) in Mohali for its space programme and defence. The GAETEC is a DRDO lab which provides GaAs chips for highly specialised communications applications."

Please note that any inferences made by me related to the above is just constructive speculation on my part.

Speculatively yours,

Monolithic