India is expecting semiconductor manufacturers to set up local factories in 2-3 years.
Good response
Prime Minister Narendra Modi’s government is working on developing an entire ecosystem for the chip manufacturing industry and will start taking applications under the incentive schemes from January 1, 2022, Union Minister Ashwini Vaishnaw told Bloomberg.
“The response has been very good. All the big players are in talks with Indian partners and many want to come directly to set up their units here. Almost all big ones are talking to us,” Vaishnaw said.
Chip production
The union government had approved sops worth Rs 76,000 crore rupees for chip production. The move is aimed to further India’s ambitions to be self-reliant in electronics manufacturing. Currently, India relies on overseas for most of its semiconductor requirements.
