Semiconductor PLI to help India do in 10 years what China did in 30: Rajeev Chandrasekhar: PTI

Autocar Pro News Desk By Autocar Pro News Desk calendar 27 Jul 2023 Views icon4014 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Semiconductor PLI to help India do in 10 years what China did in 30: Rajeev Chandrasekhar: PTI

India is on track to becoming a key player in the global semiconductor supply chain in the next decade with US$ 10 billion of incentives and assistance provided to encourage local chip manufacturing, Union minister Rajeev Chandrasekhar said on Thursday.

The production-linked incentive scheme last year attracted firms like Vedanta and Taiwan's Foxconn, who promised multi-billion dollar investment in setting up units to manufacture chips, which are used in products ranging from mobile phones to cars.

Foxconn has just withdrawn from a US$ 19.5 billion semiconductor joint venture with Vedanta. Foxconn has said that it plans to apply for incentives that India is offering under its semiconductor manufacturing policy.

Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said there is "not one person in the semiconductor global ecosystem" that does not see India as "a very credible, viable and fast charging destination for semiconductor investments and innovation".

He also said that India is on track for the next 10 years in the semiconductor space with $ 10 billion (about Rs 81,993 crore), compared to China's three decades of progress.

"We are on track to do in the next 10 years with these US$ 10 billion, what countries like China took 25-30 years and could not succeed."

He mentioned the ATMP project with Micron will create 5,000 jobs and 15,000 indirect roles in the semiconductor industry. 
"Micron is a global leader in memory (solutions)," he said.

Also read: ‘We are extremely interested in bringing semiconductor industries to the state, expect big- ticket announcements in a year’: DR TRB Rajaa

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