This conceptual paper explores India's pursuit of strategic autonomy in semiconductor manufacturing amid global chip shortages and shifting geopolitical dynamics, emphasizing the structural constraints and opportunities influencing this effort. By synthesizing policy documents, academic research, and international best practices, it identifies critical barriers such as infrastructural deficits, skill shortages, and institutional gaps, while reviewing policy initiatives like the India Semiconductor Mission (ISM) and the Production-Linked Incentive (PLI) scheme aimed at overcoming these challenges. Despite existing obstacles, India holds significant potential to strengthen its semiconductor capabilities through strategic partnerships, increased R&D investment, and leveraging its global advantage in chip design. The paper proposes a multidimensional conceptual framework that connects stakeholders, enablers, and stages of capability development, providing a roadmap for coordinated growth. Although it does not present empirical data, the study offers valuable insights for future research, policymaking, and strategic planning in high-tech industry development. The framework serves as a practical guide for policymakers, industry leaders, and academia to identify critical leverage points to accelerate India's semiconductor self-reliance. This article contributes a structured conceptual perspective to an emerging strategic policy area, underscoring the intersection of innovation policy, industry development, and national technological sovereignty in the digital era.