New Delhi, Feb. 10 -- A measure that prevented open market access to semiconductors created by American companies was one of the last few executive orders signed by outgoing US president Joe Biden about a month ago. Biden exempted 18 nations but left out India-a key strategic geopolitical ally of the US in Asia.

The move triggered conversations about the global semiconductor market, US dominance, the lopsided chip industry, and what would happen if the US imposed even more severe restrictions on India's access to processors.

The move would deal a significant blow to India's large corporations across industries-not just to core technology firms. Today, silicon chips are used in nearly every industry-automobiles, energy, financial service...