India approves $10 billion plan to attract semiconductor and screen makers

India approves $10 billion plan to attract semiconductor and screen makers
Israeli Tower Semiconductor, Foxconn, which makes Apple products, and a Singapore-based consortium have expressed interest in setting up semiconductor manufacturing facilities in India (Image: Reuters/Gonzalo Fuentes)

a India Approved a $10 billion stimulus plan to attract semiconductor and screen makers, the minister said Technology The country on Wednesday as part of the country’s efforts to establish itself as a global electronics manufacturing hub.

Israeli Tower Semiconductor, Foxconn, manufactures the products of Joe Apple, and a union headquartered at Singapore A government source said that India has shown interest in setting up semiconductor manufacturing units. Reuters,

The source said the Vedanta group wants to develop the monitor in India as well.

Technology Minister Ashwini Vaishnav told reporters that New Delhi has also passed a Design-Linked Incentive Scheme (DLI) to encourage 100 local companies to develop semiconductors for integrated circuits and chipsets.

“…Prime Minister (Narendra Modi) took a historic decision today, which will help develop the entire semiconductor ecosystem in the country from semiconductor chip design to manufacturing, packaging and testing,” Vaishnav said.

The Tata Group, one of India’s largest conglomerates, is also getting into business and is in talks to invest up to $300 million with three Indian states to set up semiconductor testing and assembly facilities.

India, the world’s second largest smartphone maker, announced the plan at a time when carmakers and business Technology companies are facing problems due to the global shortage of electronic components.

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About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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