PhD in theoretical physics vs material science?

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Harshall
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Hello PF, I am currently pursuing my Masters in Physics with specialisation in material science. But I am interested in quantum mechanics and want to do PhD and then research in quantum mechanics. But in today's date is it good to go for theoretical physics rather than going for some industry-based PhD program?
P.S. I am from Mumbai, India.
 
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What do you think is "theoretical physics", and why can't you do theoretical physics in material science/condensed matter?

Zz.