Yes. it is a bit too late but at least if there are 10 startups trying to get funding and even if three are able to have access to funds, it is a big step forward rather than all the 10 land up with futile results as far as funding goes. Though the govt can do only so much and we all know that there is rampant corruption, at least if private funding helps a few to break through, I believe it is a good thing going. There used to be a couple of other VCs too who were actively looking at semicon funding but they couldnt find any good business plans or innovation, they had said. This was about three to four years ago but I think things are changing now, albeit gradually. There are many Indian-origin techies looking at coming back to India ( though they are not completely giving up their US operations) and this is in semicon space.. hopefully, there should be some success.
These investments are pure commercial interests rather than a real help to the infrastructure development of India. India needs more government action than depending on the private venture capitalists for funding purpose.
This sure is the sign that India is now entering the big league - chip design as well as manufacturing. And like in population terms , this is a field also where India is set to be ahead of China in the next decade or so.