India offers more incentives for companies to attract semiconductor companies Promote: IT minister

India said on Friday it will expand incentives for those investing in semiconductor manufacturing, as its government encourages global companies in their bid to become a key player. in the global chip supply chain.

A $10 billion (approximately 76,523 crore) incentive scheme to attract semiconductor and display makers has attracted applications from companies such as the joint venture between the Indian conglomerate Vedanta and of Taiwan Foxconnand Singapore’s IGSS Ventures.

“Once this first batch is used, we will definitely develop further,” the country’s IT minister Ashwini Vaishnaw said in a keynote address at India’s first semiconductor conference in Bengaluru. , in the south of this country.

“We want to eat more, we need more.”

The Indian semiconductor market is worth $15 billion (approximately,147.84 crore) in 2020, estimated to reach $63 billion (4,82,096 crore) by 2026, the government said.

Even as more and more companies and countries seek to secure access to the core chips of important technologies such as 5G and those of the future, the world chip market is still dominated by manufacturers in Taiwan, the United States and some other countries.

Prime Minister Narendra Modi talk to Conference Bengaluru, India wants to be a key player in the global semiconductor supply chain, urging companies to consider setting up. The push is part of Modi’s flagship “Make in India” project.

Part of the government’s effort to attract big-ticket investments, the three-day meeting drew tech giants executives Intel, TSMC and Micron Technology.

At the event, India’s Senior IT Minister Rajeev Chandrasekhar said that the world’s leading experts are “actively engaged in exploring India’s opportunity”.

In the race to become India’s first chipmaker, Vedanta is looking for incentives such as 1,000 acres (405 hectares) of vacant land, part of a $20 billion (about 1,53,046 crore) investment by the company. himself into semiconductors and displays, according to Reuters. on Thursday.

© Thomson Reuters 2022

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